上市公司控制权转移与市场表现关系的实证检验

An Empirical Test on the Relationship between Transfer of Control Right and Market Performance of Listed Companies

利用事件研究的方法考察了国内上市公司控制权转移前后股价的变化,分析市场对这些事件的反应。实证研究的结果显示,投资者在一定程度上认可由协议转让的方式进行的控制权转移将提高公司的业绩。同时我们发现,控制权转移事件普遍有信息提前泄漏的迹象,反映出我们在信息披露和内幕交易监管方面仍存在较大的不足。

The method of event study is used in this paper to study the behavior of stock price before and after the transfer of control of listed companies in China. We analyze the response of the market to these events. The results of the empirical study show that investors do think the transfer of control through agreements between buyer and seller will improve the performance of the company. Besides, we find evidences of exploiting of inside information disclosed in advance in these events, which reflects the insufficiency of regulation on information disclosures and inside trading.