中国上市公司控制权转移绩效实证研究

现代西方并购理论和很大一部分实证研究结果都支持控制权转移对公司经营绩效的改善作用，可以作为外部机制优化公司治理结构。我们对2004年中国上市公司间控制权转移前后公司绩效进行了实证研究。研究结果表明，控制权转移给交易双方均带来绩效改善，而且对收购公司的影响尤为显著；控制权转移确实可以改善交易双方公司的绩效，从而证明了中国的控制权市场是有效的。

An Empirical Analysis of Holdings Transfer among Listed Companies in China

Modern West merger and acquisition theory and a most empirical researches support that holdings transfer is an improvement function and can bring the achievements to the company. This article carried out an empirical analysis to these objects happened in 2004. The findings indicated that the holdings transfer among listed companies in China can also brought more achievements. Holdings transfer can improve the achievements between acquiring firms and target firms, but significantly bring the wealth to shareholders of acquiring firms. The Holdings market theory is also effective in China.