基于公司绩效的股权分置改革效率实证研究

An Empirical Study of Performance-based Split Share Structure Reform Efficiency

本文以全面股改的前40批701家公司为有效样本,利用股权分置改革前后四期年报数据,剔除宏观经济及大市波动的影响,借助六个公司绩效指标,运用配对样本T检验方法,对中国上市公司股改的效率进行了实证研究。研究结果表明:股改后上市公司绩效总体上有明显改善且呈逐渐上升的趋势,并且这种改善来自主营业务,说明股权分置改革存在较高的效率,改革给公司绩效带来的积极影响是持久的。

Based on the sample of 701 listed companies in the first 40 batches and using the four-year data before and after the Split Share Structure Reform, this paper studies the efficiency on the Split Share Structure Reform of Chinese listed companies with the method of the paired t test and the six indices of firm performance. This study reveals that the firm performance of Chinese listed companies has a significant improvement after the reform. Because the improvement comes from the main operation, we can infer that the equity division reform has positive effect on the firm performance of Chinese listed companies and the equity division reform has high and long efficiency.