大股东资产注入与上市公司长期业绩下滑

Assets Injection of Large Shareholders and Corporate Long-term Performance

近年来大股东纷纷将所属场外资产注入其控股的上市公司,文章从产业链整合与利益侵占两个角度分析了大股东资产注入的动机及影响,并实证检验大股东资产注入的经济后果,发现:资产注入后上市公司的长期市场业绩出现下滑,投资者在资产注入后购买上市公司股票并持有1年以上将会遭受损失,该结果支持大股东资产注入的利益侵占动机。另外,发现注入资产类型直接影响上市公司的长期业绩表现,注入相关资产的长期业绩好于注入非相关资产,支持相关资产注入的产业链整合动机。

In recent years, a lot of large shareholders have injected stripping assets into the listed companies under their control. From the two perspectives of integration of the industrial chain and tunneling of interests, this paper analyzes the moti- vation of the large shareholder＇s asset injection and effects on company performance, and empirically tests the economic conse- quences of the practice. It is found that long-term market performance of companies after assets injection begins to decline. In- vestors who purchase and hold a company＇s shares for a year after asset injection suffer losses. This finding matches the motiva- tion of interest tunneling of the large shareholder. In addition, long-term market performance is correlated with the type of as-set injection. It is better when injecting into related assets than unrelated assets, a finding that matches the motivation of inte- gration of industrial chain of listed companies.