控制权转移和资产重组:掏空抑或支持——来自中国资本市场的经验证据

Takeover of Listed Companies and Asset Restructuring:Tunneling or Propping

本文通过对控制权转移以后上市公司资产重组行为的研究,揭示了资产重组对上市公司业绩的重要影响。并就控制性股东对上市公司“掏空”和“支持”行为特征进行了分析。文中显示,控制权转移以后上市公司的业绩和关联性资产重组有密切关系,上市公司业绩的变化,在一定程度上和控制性股东利用资产重组对上市公司进行“掏空”和“支持”相关联。文中揭示了影响控制性股东掏空或支持上市公司的因素,借此提出相关政策建议。

The paper mainly studies asset restructuring behavior of listed companies after these listed companies have been taken over. By studying the asset restructuring of these companies, we find the performances of these companies have been connected with the asset restructuring. To the extent, the tunneling or propping has influenced these companies＇ performances. At last, this paper discloses some factors which determine the largest shareholders to chose tunneling or propping, At this base, we provide some policies.