上市公司发生控制权转移的影响因素分析

The Analysis of the Effect of Listed-Company's Controlling Rights Transferring

文章基于2007-2012年沪深A股上市公司中发生控制权转移的231家公司的数据,同时根据同行业和规模相近的原则选择了其他231家公司作为配对样本,两者进行对比,分析了上市公司财务特征因素对控制权转移发生的影响。文章通过研究发现,总资产净利率(ROA)、每股现金净流量(NCFPS)、营运资本周转天数(WCD)、研发费支出(RD)、主营业务鲜明率(MBVR)对控制权转移的发生有显著的影响,其中ROA、NCFPS和MBVR与控制权转移的发生负相关,WCD和RD与控制权转移的发生正相关。这说明随着控制权转移市场的发展成熟,可以对上市公司发生控制权转移的行为进行预测。最后文章基于研究结论提出了相关政策建议。

This paper did some research of 231 listed companies which have made controlling rights transferring from 2007 to 2012. At the same time, the paper has chosen 231 companies as paired samples for comparative analysis based on similar industries and sizes principles and analyzed the influence of listing Corporation financial factors for controlling rights transferring. The research showed that the net profit rate of total assets（ROA）, net cash flow per share（NCFPS）, the turnover of working capital days（WCD）, R＆D expenditure （RD） and main business rate affected control rights transferring significantly. ROA, NCFP and MBVR had negative correlation with control rights transferring while WCD and RD had positive correlation with control rights transferring. That means with the development of control rights transferring market, it will be possible to predict the future behavior of listing Corporations＂ control rights transferring. The paper roughly prospected several potential research issues and proposed tentative constructive suggestions based on research.