我国上市公司控制权转移的市场反应

国外大量的实证研究认为公司控制权市场的存在能够为股东创造价值。由于我国上市公司国有法人股不能上市流通，通过场外交易的公司控制权转移是否也能为股东创造价值是一个需要实证的命题。本文以中国2000～2003年发生的108起通过协议转让方式发生的上市公司实际控制人变更事件为研究样本，应用事件研究法对我国控制权市场的作用进行检验。本文的标准化残差方法克服了事件研究中因控制权转移事件引起收益波动性变化对统计结果的影响，同时分析了在控制权公告期内股票成交量的异常变化，比较了沪深两市对控制权转移事件的不同反应程度。研究结果发现，控制权转移期间上市公司的股东平均获得6．359％的累积超额收益率。上市公司控制权转移信息存在明显的提前泄漏现象。

Market Response to the Control Transfer of Chinese Listed Companies

Abundant literature and empirical research can verify that the market of corporate control rights plays a role in (increasing) the value of the shareholders. However, because of the liquidity deficiency on Chinese state-owned company (shares,) it remains an empirical question whether such a market has the same function as it does in the foreign market in (corporate) control. Based on the 108 cases of changes in large shareholders by agreement from 2000 to 2003, this research has examined the role of the Chinese market for corporate control rights by means of event study. Standardized residual in this paper solves the problem that the change in volatility, which is caused by control transfer, has negative effect on (statistical) results. The abnormal change in stock volume is analyzed during the event window around the announcement on control transfer. This paper compares the different responses caused by the same event between Shenzhen security market and Shanghai security market. Findings in this paper indicate that the cumulative abnormal returns that (shareholders) (obtained) was 6.359% during the period of control transfer and there is an obvious leakage in advance on (information) of (control) transfer.