控制權(quán)轉(zhuǎn)移對上市公司經(jīng)營績效的影響分析

摘要：控制權(quán)轉(zhuǎn)移是并購方式的一種,隨著中國控制權(quán)市場的發(fā)展,這種方式被越來越多的公司所采用，資本市場上的控制權(quán)轉(zhuǎn)移事件仍在頻繁發(fā)生。因此對于實際控制人發(fā)生變更的上市公司的經(jīng)營績效及其影響因素進行全面的實證研究具有重要的實踐意義。本文利用2002年發(fā)生實際控制權(quán)轉(zhuǎn)移的上市公司作為樣本公司，用行業(yè)內(nèi)配對的方法對控制權(quán)轉(zhuǎn)移樣本公司轉(zhuǎn)移前一年和轉(zhuǎn)移后三年的財務(wù)指標進行統(tǒng)計分析，研究控制權(quán)轉(zhuǎn)移前后樣本公司的業(yè)績是否得到提高，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)績得到了短暫的提高，并非長久性的；業(yè)績的提高來源于經(jīng)營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)營績效；總資產(chǎn)利潤率

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