SJ公司控制权变更对公司绩效的影响研究

发布时间：2018-04-08 11:49

本文选题：企业控制权　切入点：控制权变更　出处：《哈尔滨商业大学》2017年硕士论文

【摘要】：随着国有企业改革的推进,民营资本的进入,具有较大参与公司管理意愿的民营股东与掌管着公司控制权的原国企高管之间易发生对公司控制权的争夺。公司控制权对公司的治理结构、经营战略及业绩等方面具有重大影响。所以,针对我国控制权变更绩效问题展开研究有着重大的理论意义与实践价值。现有的与上市公司控制权变更对于公司业绩的影响相关的研究很多,但大都是采用实证分析的方法,没有对于治理结构、公司经营战略及管理绩效等方面进行综合的分析。因此,有必要实施更进一步的分析与探索,从而有助于厘清对我国上市公司的绩效和公司控制权的关系,进而有针对性的提出有效解决方案,提高企业发展水平,更高效地完善我国控制权市场。同时,对我国股票市场与上市公司的可持续发展有所助益,对整个市场经济的发展形成巨大的推动作用。在研究过程中,运用了文献研究的方法,全面、系统的梳理、归纳分析与研究客体有关的文献资料。同时,从整体上梳理国内外学者所提出的意见与建议;采取案例分析法的方式对SJ公司的控制权变动对公司绩效的影响分析;运用规范研究方法,以委托代理理论、差别效率、协同效应等为主要理论基础,通过分析上市公司控制权变更对公司的影响,结合ZP集团控股SJ公司后的控制权之争的案例,深入分析SJ公司控制权变更对公司绩效的影响,从理论到实际案例进行研究。最后通过深入分析SJ公司控制权变动对公司绩效的影响,得出控制权变更对企业的管理绩效产生正面影响,但对财务绩效易产生负面影响的结论,并认为保险资金对上市公司的收购应注重长期财务投资,审慎干预企业的经营活动。进而得出我国上市公司应不断加强自身建设,并引导机构投资者进行合理的财务投资后审慎参与公司治理的启示。
[Abstract]:With the reform of state-owned enterprises and the entry of private capital, it is easy to compete for corporate control between the private shareholders who have a greater willingness to participate in the management of the company and the former executives of state-owned enterprises who are in charge of the control of the company.Corporate control has a significant impact on corporate governance structure, business strategy and performance.Therefore, it is of great theoretical significance and practical value to study the performance of the change of control rights in China.There are a lot of researches on the influence of the change of control rights on the performance of listed companies, but most of them adopt the method of empirical analysis, and there is no comprehensive analysis on governance structure, company management strategy and management performance and so on.Therefore, it is necessary to carry out further analysis and exploration, so as to help clarify the relationship between the performance and corporate control rights of listed companies in China, and then propose effective solutions to improve the level of enterprise development.Improve the control market of our country more efficiently.At the same time, it is helpful to the sustainable development of the stock market and listed companies in China, and plays an important role in promoting the development of the whole market economy.In the course of the research, the method of literature research is used, comprehensive and systematic combing, and the literature related to the research object is summarized and analyzed.At the same time, from the overall combing of the domestic and foreign scholars put forward the opinions and suggestions; take the method of case analysis of SJ company control change on corporate performance analysis; use of normative research methods, principal-agent theory, differential efficiency,By analyzing the influence of the change of control right of listed company on the company, combined with the case of the dispute of control right after ZP group holding the SJ company, this paper deeply analyzes the influence of the change of control right of SJ company on the performance of the company.From the theory to the actual case study.Finally, through the in-depth analysis of the influence of the change of control rights on the corporate performance, the conclusion is drawn that the change of control rights has a positive impact on the management performance of the enterprise, but it has a negative impact on the financial performance.The purchase of insurance funds for listed companies should pay attention to long-term financial investment and prudently interfere with the business activities of enterprises.Then, it is concluded that our listed companies should constantly strengthen their own construction and guide institutional investors to participate in corporate governance prudently after reasonable financial investment.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F271;F406.7

【参考文献】