控制权转移与公司绩效关系研究——基于我国上市公司的实证解析

Research on the Relationship Between Controlling Right Transfer and the Company’s Performance——Analysis of Domestic Listed Companies

控制权转移是上市公司为改善经营绩效而采取的一种重要手段,然而控制权转移之后能否有效改善公司业绩,国内外尚未形成一致结论。文章针对我国上市公司协议转让类控制权转移事件,以2006—2008年沪深上市公司为样本,采用因子分析法对公司控制权转移前一年、当年及后三年的绩效指标进行实证分析。结果表明,控制权转移后,由于资源配置调整在短期内不能立即到位,控制权转移的积极效果具有一定的时滞效应。随着资源优化和整合作用的逐渐发挥,公司的经营绩效和市场价值必然会显著提升,要使这种提升具有持久性,还需进一步规范我国上市公司的控制权转移行为并完善控制权转移市场建设。

Control transfer is a maior measure taken by companies to improve business performance. How- ever, it still remains inconclusive that performance will be effectively enhanced after control transfer. Based on agreement transfer, it uses factor analysis method and analyzes performance indicators in sequent five years from 2006 to 2008 with the samples of Chinese stock market. The results show that positive effect of control transfer has time delay effect because the resource allocation cannot reach designated posi- tion immediately. Company＇s performance and market value will be drastically enhanced with the resource optimization and integration. Finally, it is necessary for company and the whole market to strengthen and standardize control transfer behavior in order to make ascension persistent.