股权分置改革中的控制权交易绩效:行业差异与成因分析

Brief on Transaction Performance of Corporate Control Rights During Split Share Structure Reform:Trade Differences and Causes Analysis

股权分置改革以协商方式实现了上市公司控制权的重新配置,而控制权交易则是上市公司控制权动态配置的过程。以1997～2004年间上市公司控制权转移案例为样本的实证研究表明:股权分置改革试点以来上市公司控制权转移对公司绩效的影响存在行业差异,并且这一差异主要是由股权集中度的变化引起的。股权分置改革通过不断降低上市公司的股权集中度,实现了公司控制权格局的重新安排,间接地起到了优化上市公司治理结构、促进其治理效率改善的作用。

The empirical research on the samples of the listed companies,which experienced the transactions of the corporate control rights between 1997 to 2004,shows:since the experiment of the split share structure reform,there is trade difference for the shift of the control rights to affect the listed corporate performance,and in addition,this difference is mainly caused by the share concentration degree.By way of lowering the listed corporate share concentration degree,the split share structure reform has achieved the rearrangement of the corporate control rights,indirectly optimizing the listed corporate governance structure,promoting the governance efficiency.