后股权分置时期大股东资产注入影响因素实证分析

发布时间：2018-03-20 04:12

本文选题：资产注入　切入点：大股东　出处：《系统管理学报》2010年05期 　论文类型：期刊论文

【摘要】：股权分置改革使大小股东之间利益趋于一致,股改后资产注入、整体上市等成为大股东资本运作的重要方式。运用经济学优化方法及折现现金流方法,通过求解大股东资产注入的最大化收益函数,分析了大股东资产注入的内在激励;运用2006~2007发生资产注入的200个样本数据,实证分析了大股东资产注入的相关影响因素。实证研究表明:资产注入规模与公司资产负债比率负相关,与预期注入资产产生协同效应及公司资产规模正相关且统计上显著;此外,资产注入规模与大股东持股比例正相关,与公司股票市盈率负相关但统计上不显著。从财务绩效指标(ROE、净利润和ROA)的描述性统计可见,大股东资产注入显著提升了上市公司的业绩。
[Abstract]:The reform of split share structure makes the interests of large and small shareholders converge. After the stock reform, the injection of assets and the listing of the whole become important ways for the capital operation of large shareholders. The economic optimization method and the method of discounted cash flow are used. By solving the maximization income function of large shareholder asset injection, this paper analyzes the intrinsic incentive of large shareholder asset injection, and applies 200 sample data of asset injection in 2006 / 2007. The empirical study shows that: the scale of asset injection is negatively correlated with the ratio of assets to liabilities, and it is positively correlated with the synergistic effect of expected injection of assets and the scale of corporate assets, and is statistically significant; In addition, the scale of asset injection is positively correlated with the proportion of major shareholders, and negatively correlated with the price-earnings ratio of the company's stock, but not statistically significant. From the descriptive statistics of the financial performance index, ROE, net profit and load, it can be seen that, Major shareholder assets injection significantly improved the performance of listed companies.
【作者单位】：上海交通大学安泰经济与管理学院;上海交通大学财务处;
【基金】：国家自然科学基金资助项目(70872073) 上海市哲学社会科学基金项目(2008BJB017)
【分类号】：F832.51

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