房地产上市公司资产重组绩效的实证分析

A Positive Study on Performance of Asset Restructure in List Companies of Real Estate

本文采用会计研究法,对2001-2003年我国28个房地产上市公司资产重组事件进行了全面分析。实证研究表明,从全部样本的综合检验结果看,样本公司经营业绩呈现非持续性,整体上说重组并没有改善公司的经营效率;从不同公告年度的重组来看,2002年的重组绩效要好于2001和2003年;从不同的重组类型来看,资产置换型的重组明显要好于其他类型的重组;从股权转让的内部检验来看,股权有偿转让和无偿划拨两种重组方式并没有显著区别;从股权结构看,房地产上市公司第一大股东持股比例与综合得分差值之间并没有显著的相关性。

This paper uses accountant study framework to test 28 events of restructuring of list companies of real estate in china during 2001-2003. The positive research indicates, by the look of comprehensive inspection result of all samples, it is non- constant that company＇s business performance of the sample, so we can say that restructuring don＇ t improving the business efficiency of the company on the whole. According to the year of different announcements, the performance of restructuring in 2002 should be better than 2001 and 2003; According to different restructuring types, the type of assets replacement should be obviously better than the other types; According to inspection of stock right transfer, there is no remarkable difference between paid transfer and free transfer; By the look of stock right structure, there is no remarkable dependence between first big shareholders shareholding ratio and difference of scoring synthetically.