上市公司被接管之后的资产重组行为分析

Asset Restructuring after the Takeover of Listed Companies

本文从资产重组~1的角度分析了大股东的变更对于上市公司的影响。作者发现。在协议转让方式下,超过60%的公司在被新的大股东接管后的24个月内进行了比较大规模的资产重组,在股权划转方式下,这一比率也达到了40%。接管前的财务业绩,尤其是和管制政策相关的净资产收益率与股权变更后的资产重组行为之间呈现出显著负的相关性。同时,在协议转让的情形下,新的大股东受让的股份比例越高,资产重组的可能性越大,而在股权划转的情形下,资产重组的概率与新股东的受让比例无关。

This paper analyst the influence of the change of the largest shareholder on the asset structure of the listed companies. It was found that nearly 50% companies on the average have bought or sold their assets on a large scale after the change of control. The financial performance before the transfer, based on the return on equity, was negatively related to the probability of the asset restructuring. At the same time, for the private transfer, the larger the share transferred, the higher the probability of the restructuring.