控制權(quán)轉(zhuǎn)移對(duì)上市公司經(jīng)營(yíng)績(jī)效的影響分析

摘要：控制權(quán)轉(zhuǎn)移是并購(gòu)方式的一種,隨著中國(guó)控制權(quán)市場(chǎng)的發(fā)展,這種方式被越來(lái)越多的公司所采用，資本市場(chǎng)上的控制權(quán)轉(zhuǎn)移事件仍在頻繁發(fā)生。因此對(duì)于實(shí)際控制人發(fā)生變更的上市公司的經(jīng)營(yíng)績(jī)效及其影響因素進(jìn)行全面的實(shí)證研究具有重要的實(shí)踐意義。本文利用2002年發(fā)生實(shí)際控制權(quán)轉(zhuǎn)移的上市公司作為樣本公司，用行業(yè)內(nèi)配對(duì)的方法對(duì)控制權(quán)轉(zhuǎn)移樣本公司轉(zhuǎn)移前一年和轉(zhuǎn)移后三年的財(cái)務(wù)指標(biāo)進(jìn)行統(tǒng)計(jì)分析，研究控制權(quán)轉(zhuǎn)移前后樣本公司的業(yè)績(jī)是否得到提高，有哪些因素影響。主要結(jié)論包括：控制權(quán)轉(zhuǎn)移后上市公司的業(yè)績(jī)得到了短暫的提高，并非長(zhǎng)久性的；業(yè)績(jī)的提高來(lái)源于經(jīng)營(yíng)能力和獲利能力的提高。
關(guān)鍵詞：控制權(quán)轉(zhuǎn)移;上市公司經(jīng)營(yíng)績(jī)效；總資產(chǎn)利潤(rùn)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