摘要
基于财务数据法和长期持有超额收益法,本文研究了控制权转移企业的长期绩效以及影响长期持有收益的因素。实证结果表明:从长期来看,上市公司控制权转移并没有给企业绩效带来显著的改善。同时,控制权比例和行业属性对控制权转移企业长期持有超额收益率具有显著影响;相对于企业价值而言,控制权转移时机和资产整合更为重要。
Referring to the method of financial data and method of long-term excessive holding gains, this paper studies the long-term performance of corporate control right transfer and the influence factors of long-term holding gains. Our empirical results indicate that the long-term performance of listed firms has not been improved after the control right transferred. Corporate control right ratio and industry attribute influence significantly to the long-term holding gains of corporate control right transfer. Compared to firm value, the timing of control right transfer and asset reconstruction are more important.
出处
《上海立信会计学院学报》
2007年第5期48-56,共9页
Journal of Shanghai Lixin University of Commerce
基金
国家自然科学基金项目(70572029)
教育部新世纪优秀人才培养计划项目
关键词
控制权转移
长期绩效
长期持有超额收益
corporate control right transfer
long-term performance
long-term excessiveholding gains
