中国上市公司控制权市场公司治理效应的实证分析

Corporate Governance Effect in China Listed Corporate Control Market: An Empirical Analysis

国内公司控制权市场对公司高管人员总体上无明显的更替作用。发生控制权转移的大多是绩差公司 ,且转移前后的高管变动与企业绩效无明显相关关系。“二元经理人市场”仍居于主导地位。控制权转移后 ,企业更处于超强的内部人控制状态。我国的公司控制权市场未能发挥相应的公司治理效应。

Generally, the domestic corporate control market has no distinct substitute function to the senior managers. Most of the corporate control transfers happen among the poor performance companies and the senior managers change before and after the transfers have no direct relation with the company performance. The 'duality manager market'is still the dominant. The company is further under the control of the interior person after the transfer of corporate control. The domestic corporate control market does not exert the corporate governance effect.