股权分置改革历程及对公司绩效的影响研究

Research on the Impact of Non-tradable Share Reform on Corporate Performance

以沪深两市131个在2005年、2006年两年间完成全面股改的上市公司为样本公司进行实证分析,利用因子分析的统计方法进行实证研究及综合评价,研究结果表明股权分置改革提高了上市公司的治理绩效,即股改是有效的。另外,将131个样本公司的综合得分均值与沪深300的综合得分均值差异进行显著性检验,结论表明上市公司业绩除了受到宏观经济因素的影响之外,同时股权分置改革也会为其带来正效应。

A total of 131 listed companies in the Shanghai and Shenzhen Stock Exchanges that completed the comprehensive share reform in 2005 and 2006 were empirically analyzed by the sample companies. The statistical methods of factor analysis were used for empirical research and comprehensive evaluation. The results showed that the share-trading reform enhanced listed companies. The governance performance, that is, the share reform is effective. In addition, the average scores of the comprehensive scores of 131 sample companies and the average scores of the comprehensive scores of the Shanghai and Shenzhen 300 were tested. The conclusion is that in addition to the macroeconomic factors, the performance of listed companies will also be positively affected by the share-trading reform.