业绩表现、控制权转移和股东财富效应

基于2002~2004年通过股权转让方式发生控制权变更的上市公司相关数据,发现发生控制权转移的上市公司,在控制权发生转移前其业绩普遍较差,控制权转移当年其业绩有所好转;同时还发现,控制权转移的过程中,资本市场对目标公司的反应是正面的,即目标公司股东财富出现增加,当控制权转移给民营控制人时目标公司股东财富增加程度显著低于控制权转移给国有控制人时目标公司股东财富的增加程度。

Accounting Performance, Transfer of Control Rights and the Wealth Effect of Shareholders

Based on the data of listed firms with control rights transfer through stock purchase between 2002 and 2004,we find that those companies with control rights transfer performed poorly before the transfer and their performance became better in the year when the transfer occurred. At the same time, we also find that the control rights transfer can increase the wealth of shareholders of the target firms and the wealth effect was larger for the shareholders when the new controlling party was a state owed enterprise compared with non-state owned one.