控制权转移对上市公司经营绩效的影响分析.doc

控制权转移对上市公司经营绩效的影响分析

摘要：控制权转移是并购方式的一种,随着中国控制权市场的发展,这种方式被越来越多的公司所采用，资本市场上的控制权转移事件仍在频繁发生。因此对于实际控制人发生变更的上市公司的经营绩效及其影响因素进行全面的实证研究具有重要的实践意义。本文利用2002年发生实际控制权转移的上市公司作为样本公司，用行业内配对的方法对控制权转移样本公司转移前一年和转移后三年的财务指标进行统计分析，研究控制权转移前后样本公司的业绩是否得到提高，有哪些因素影响。主要结论包括：控制权转移后上市公司的业绩得到了短暂的提高，并非长久性的；业绩的提高来源于经营能力和获利能力的提高。
关键词：控制权转移;上市公司经营绩效；总资产利润率

The analysis of controlling right transferring influence on listed company’s operation performance

             
Abstract： The controlling right transferring is a kind of merger modes. With development of China’s controlling rights market, this way is taken by more and more companies. The events of controlling right transferring is arising frequent in capital market .So to study all round the listed companies’ operation performance ,which actual controller changed, has very important practical meanings. This article use the listed companies, which actual controller changed in the year of 2002,as sample for studying. And use the method of matching in inner industry to do statistical analysis, according to financial ratio in the year before controlling right transferring and the there years after controlling right transferring. We want to know if the companies’ achievement has advanced, and which are the influence factors. The important conclusion has: The companies’ achievements has transient advanced, not persistent. The source of achievement advancing is the advance of profitability and operation ability.
Key words: controlling right transferring；listed company’s operation performance; profit of total assets