资产收购与控制权转移对经营业绩的影响

Asset Acquisitions, Corporate Control Transfer and Operating Performance

控制权转移对公司经营业绩的影响是金融学界和会计学界关注的一个重要问题。本文在剔除控制权转移之后的收购资产对经营业绩的额外贡献的基础上 ,同时运用变化模型和配对模型来研究控制权转移公司在控制权转移前后的业绩变化 ,得出了两个不同的结论。控制权转移对公司业绩的影响只能采用配对模型 ,而变化模型则可以揭示控制权转移之后股东财富的变化。研究结论表明 ,控制权转移对公司业绩的影响不显著 ,但股东从控制权转移公司所得到的报酬 ,如果剔除控制权转移之后的收购资产对经营业绩的贡献 ,其显著为负 ;如果不剔除控制权转移之后的收购资产对经营业绩的贡献 ,则其与零没有显著差异 ;控制权转移之后的资产收购对公司业绩的变化具有显著的影响 ,在研究控制权转移对公司业绩的影响时 ,需要考虑控制权转移之后的资产收购行为。

The effect of transfer of corporate control on the operating performance has attracted extensive research in both accounting and finance. This paper examines the changes in operating performance before and after the transfer of corporate control using both the change model and the matching model, and we consider the contributions of asset acquisitions to change in operating performance following the transfer of corporate control. The matching model is applicable in examining the change in operating performance, and the change model is more useful in examining the change in shareholders' wealth. We find no evidence that the transfer of corporate control affects the operating performance and contributions of asset acquisitions to operating performance have material effect on the empirical results. We find that shareholders' wealth significantly decreases following the corporate control transfer when the contributions of asset acquisitions are excluded; otherwise the decrease is not statistically different from zero. Therefore, it is essential to take into account the contributions of asset acquisition to the operating performance when we study the effect of corporate control transfer on the operating performance.