——基于同属管辖交易视角的研究——基于同属管辖交易视角的研究

Marketing Process, Property Configuration and Perfor- mance of Listed Company＇s Divestiture： From the Per- spective of the Same Jurisdiction of Trade

本文以2004—2005年沪深A股上市公司资产剥离事件为研究对象，基于同属管辖交易的独特视角，从市场化进程差异、资产剥离同属管辖交易以及企业产权配置三个方面探讨对上市公司资产剥离业绩改进的影响。研究发现，市场化程度越高、地方政府干预越少，上市公司资产剥离后的业绩越好。但是，如果资产剥离交易双方同属地方政府管辖，则对上市公司的业绩具有显著的负面影响。进一步的研究发现，地方政府控制的产权性质对上市公司资产剥离后业绩改进产生负面影响，非政府控制的产权性质则有显著的正面促进作用。

Through searching related literature of divestiture, we found that there is a big difference in divestiture motivation of listed companies in China and the Western countries which is mainly based on efficiency of divestiture. Therefore, the theory of divestiture in the West may not be entirely suited to explain China＇s divestiture behavior and performance consequences of listed com- panies. From the end of the 20th century to early 21st century, there have been some strange phenomena of the listed company divesti- ture events in China＇s stock market, such as ＂related transactions＂ ＂the end of year effects＂ and ＂the same jurisdiction of trade＂, and so on. However, due to the main concern of early research was the securities market regulatory policy divestiture of listed companies and the company＇s own factors, making the divestiture feature of ＂connected transactions＂ and ＂late effects＂ are highly concerned about, by contrast, the issue of ＂belong to the jurisdiction of the divestiture transaction＂ has been ignored. We are interested in that and in the process of economic transition in China, what influence about the divestiture performance of a listed company under the po- litical centralization of fiscal decentralization reform？ And how to evaluate the listed companies divestiture transaction performance consequences in the context of transition economies in China？ From the Perspective of the Same Jurisdiction of Trade, using divestiture transactions for the listed companies in Shanghai and Shenzhen stock exchanges from 2004 to 2005 as our study sample, we discuss how the difference of marketing process, the selection of divesti- ture transaction object type and property configuration affect the improving performance of divestiture of listed companies. We find that less local government intervention and higher marketing pro- cess, the performance of divestiture of listed companies is better. However, if early asset split of listed company is same jurisdictional transactions, there will be negative effect on the performance of divestiture of listed companies. Further study finds that there is a negative effect on performance improving for the listed companies which are controlled by local government and there will be signifi- cantly positive promotion in performance of non-government Con- trol Company.