中国上市公司控制权市场效率研究

发布时间：2018-06-06 16:41

本文选题：控制权市场效率 + 控制权转移　；参考：《山东财经大学》2013年硕士论文

【摘要】：控制权市场作为十分重要的公司治理外部机制，一直受到广泛关注，其中公司控制权市场能否有效发挥作用，控制权市场中的控制权转移行为能否提高目标公司价值，影响控制权市场效率的因素是什么等问题更是国内外学者关注的焦点。本文在参考国内外控制权市场效率研究的基础上，对控制权市场方面的相关概念进行了界定，，并对控制权市场效率研究的基础理论进行了阐述。通过理论分析从不同角度对可能影响公司控制权市场效率的因素进行了探讨，并提出了相应的研究假设。实证部分以我国2009-2011年沪、深两市A股市场上发生控制权转移的53家上市公司作为研究样本，采用基于市场调整模型的事件研究法，以日平均超常收益率（AAR）和累积超常收益率（CAR）作为反映控制权转移事件市场反应程度的指标，通过分析事件期内控制权转移的市场反应检验了我国上市公司控制权市场的效率，并对影响效率的因素进行了多元回归分析。研究发现：控制权转移事件在较短事件期内对目标上市公司的日平均超常收益率和累积超常收益率均有较大影响，在整个事件期内目标公司获得了平均8.11%的显著累积超常收益率，控制权转移对目标上市公司的股东财富和企业价值产生了正向的积极影响，中国上市公司控制权市场具有一定的效率；转移股权比例、市盈率（目标公司成长性）、支付方式对控制权转移事件的市场反应有显著影响，转移股权比例越大、市盈率越高、采用现金支付的控制权转移交易在事件期可以获得更高的累积超常收益率。最后，总结了本文的基本结论和不足之处，给出了相关的建议，并对未来的研究提出了一定的展望。
[Abstract]:As an important external mechanism of corporate governance, the control market has been widely concerned, among which whether the corporate control market can play an effective role, and whether the transfer of control rights in the control market can improve the value of the target company. What are the factors influencing the efficiency of control market is the focus of domestic and foreign scholars. Based on the research on the efficiency of the control market at home and abroad, this paper defines the relevant concepts of the control market, and expounds the basic theory of the study on the efficiency of the control market. Through theoretical analysis, the factors that may affect the market efficiency of corporate control are discussed from different angles, and the corresponding research hypotheses are put forward. In the empirical part, 53 listed companies in the Shanghai and Shenzhen A-share markets from 2009 to 2011 are taken as the research samples, and the event research method based on the market adjustment model is adopted. The average daily abnormal rate of return (AARA) and the cumulative abnormal rate of return (car) are taken as indicators to reflect the degree of market reaction to the event of control transfer. The efficiency of the market control market of listed companies in China is tested by analyzing the market reaction of the transfer of control rights in the event period. The factors affecting efficiency were analyzed by multiple regression analysis. It is found that the event of transfer of control has great influence on the average daily abnormal rate of return and cumulative abnormal rate of return of the target listed company in a relatively short period of time. During the whole event period, the target company has achieved an average cumulative abnormal return of 8.11%, and the transfer of control has a positive impact on the shareholder wealth and enterprise value of the target listed company. The market of control rights of listed companies in China has certain efficiency, the proportion of transfer equity, the ratio of price to earnings (the growth of target company), the way of payment has significant influence on the market reaction of the transfer of control rights, the bigger the proportion of transferred equity is, the higher the P / E ratio is. Control transfer transactions with cash payments can achieve higher cumulative extraordinary returns during the event period. Finally, this paper summarizes the basic conclusions and shortcomings of this paper, gives the relevant suggestions, and puts forward some prospects for future research.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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