国有控制权转移、终极控制人变更与公司业绩

The Impact of Takeovers and Change of Ultimate Control on Operating Performance of State-owned Enterprises

本文研究了国有控制权转移对公司业绩的影响,以及终极控制人变更对国有控制权转移绩效影响的问题。研究结果表明,国有控制权转移总体上并没有改善公司业绩,终极控制人变更能够改善国有控制权转移的绩效;控制权转移之后收购的资产在短期内提高了公司业绩,但没有发现这种正向作用在终极控制人是否变更两类公司之间存在显著差异。本文的研究结论为我国国有企业改革提供了重要依据。

This paper investigates the impact of takeovers and the change of ultimate control on operating performance of state-owned enterprises. We find that in general takeovers of state-owned enterprises couldn＇t improve the performance of the enterprises. The change of ultimate control has a significant positive impact on the post-takeover performance. Asset acquisitions in the years following takeovers has a positive impact on short-term performance and there is no significant difference in the impact across companies whether their ultimate controls changes or not. Findings of this paper have important implications for the reform of the Chinese state-owned enterprises.