上市公司资产出售对财务绩效影响的实证研究

An Empirical Study on the Impact of Asset Sale on Financial Performance of Listed Companies

资产出售是上市公司通过调动投资而进行资产重新配置的经济活动,国外已经广泛应用,并对公司的绩效产生了正向影响。国内资本市场近年来在不断地发展完善,为了优化上市公司的内部资源配置,提升公司的核心竞争力,上市公司也纷纷采取资产出售这一方式。通过选取2015—2019年间333家上市公司的资产出售事件为研究样本,实证分析研究资产出售对上市公司财务绩效的影响。研究结果显示,分析论证后得出资产出售数额的大小与资产出售的相对交易价值对公司财务绩效有正向影响,股权集中度与上市公司资产出售的财务绩效成正比,而股权制衡度则与上市公司资产出售的财务绩效成反比。

Asset sale is an economic activity that listed companies reallocate their assets by mobilizing investment,which has been widely used abroad and has a positive impact on the performance of the company.In recent years,the domestic capital market is constantly developing and improving.In order to optimize the internal resource allocation of listed companies and enhance the core competitiveness of the company,listed companies have taken the way of asset sale.This paper selects 333 listed companies’ asset sales events from 2015 to 2019 as research samples,and studies the impact between asset sales and listed companies’ financial performance through empirical analysis.After analysis and demonstration,it is concluded that the amount of asset sales and the relative transaction value of asset sales have a positive impact on the company ’s financial performance,The degree of ownership concentration is directly proportional to the financial performance of listed companies,while the degree of equity balance is inversely proportional to the financial performance of listed companies.