公司控制权的频繁转移、企业业绩与投机性并购

Multiple Control Transfer, Corporate Performance and Oportunist’s Acquisition

文章以1996—2002年控制权发生转移的266家公司为研究对象,研究了控制权发生多次转移与控制权发生一次转移公司的差异。研究发现,控制权多次转移的公司无论是短期业绩还是长期业绩都比控制权只发生一次转移的差,发生控制权多次转移的公司市值较低,新控股股东的持股比例低,更可能是投机性的并购,公司控股股东的频繁更换无益于目标公司价值的提升。

Based on a sample of 266 cases of control transfer between 1996 and 2001,the study has examined the differences of multiple firms and single firms. Findings indicate that both long-term performances and short-term performances the single firms were higher than multiple firms, the total market value of corporate in transfer time and the percentage of share of post-transfer controling shareholder of multiple firms were less than single firms. This evidence demonstrate that control transfer of multiple firms might be opportunist＇s acquisition.