控制权转移的背景与控制权转移公司的特征研究

Characteristics of Takeover Targets in China Equity Market

本文分析了我国控制权转移的制度背景 ,并以 1 999— 2 0 0 1年我国A股市场发生控制权有偿转移的上市公司作样本 ,考察我国控制权转移公司的特征。研究发现 ,我国目标公司的特征主要表现在 :管理层的效率低下 ;财务资源有限 ;资产规模相对较小 ;股权较分散 ;股权流动性较高 ;市净率较高。Logit回归模型的拟合预测得到 71 8%的正确率 ,能够较好地拟合预测目标公司 ,但并不表明投资者能因此而得到超额收益。

This study empirically investigates the listed companies of China's A Share Market taken over in 1999—2001, using statistical analysis such as ANOVA, Logit model. We find out the characteristics of targets companies relative to non-targets companies: (1) the managements are inefficient; (2) financial resources are insufficient; (3) firms sizes are smaller; (4) the equities are more dispersed; (5) the equity liquidities are high; (6) book-to-market ratio are much lower than non-targets. Though the logit model's fitting prediction attains 71 8% accuracy, and the model is capable of fitting target companies well, investors cannot gain abnormal returns by investing the predicted companies' equities.