中国上市公司控制权转移市场反应研究

发布时间：2018-01-16 22:35

本文关键词：中国上市公司控制权转移市场反应研究　出处：《南京师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：我国证券市场从20世纪90年代初起步,历经20多年的发展,逐步走向成熟。1993年7月的宝延风波标志着中国控制权市场的形成,拉开了上市公司控制权转移的序幕。它让大家认识到,股票市场的存在并不是以投机为目的的,而是应该形成一个完善的产权市场,从而帮助资源达到有效配置。随着控制权市场的发展,学术界对控制权的相关研究也越来越多,所以对我国控制权转移的市场反应进行研究有十分重要的意义。本文采用事件研究法,对我国证券市场在2006-2012年问发生控制权转移的134个样本进行实证研究,首先是针对总体样本进行研究,其后对样本按不同的条件分类,具体的分类方式包括1.分年度,2.不同的控制权转让方式,3.控股股东性质,4.持股比例,5.两权分离度。最后,对控制权转移的长期市场反应进行研究。研究结果表明,从总体市场反应来看,CAR显著为正,控制权转移给目标企业带来了显著为正的累计超额收益率。在分年度市场反应数据来看,我国控制权市场存在一定程度的信息提前泄露的现象,以2008-2010年间尤为严重。对三种主要转移方式进行分析的研究结果显示三种转移方式均给目标企业带来了正的累计超额收益率,但不同的控制权转移方式的效果不同,协议转让方式时市场的反应最强烈,接着依次是二级市场收购方式与无偿转移方式控制权转移后为国有控股或民营控股都给口标企业带来了正的累计超额收益率,但是民营控股的累计超额收益率明显大于国有控股的累计超额收益率。控制权转移后控股股东的持股比例以及两权分离度的大小也会对目标企业价值产生一定的影响。适度的股权集中与适度的两权分离度对公司的价值有正的效应。从长期来看,控制权转移企业的市场表现优于所选取的对比企业,特别是在转移后的3年里,控制权转移事件从长期来看增加了企业股东的财富,为企业创造了价值。
[Abstract]:China's securities market started at the beginning of 1990s, after more than 20 years of development, gradually towards maturity. July 1993 Baoyan storm marked the formation of China's control market. It makes everyone realize that the existence of stock market is not for the purpose of speculation, but should form a perfect property market. With the development of control market, there are more and more researches on control rights in academia. Therefore, it is of great significance to study the market reaction of control transfer in China. This paper uses the event study method to conduct empirical research on 134 samples of control transfer in China's securities market from 2006 to 2012, first of all, the overall sample is studied. Then the samples are classified according to different conditions. The specific classification methods include 1. 2. Different ways of transfer of control. 3. The nature of the controlling shareholder 4. the proportion of holding shares is 5. the degree of separation of two rights. Finally. The long-term market reaction to the transfer of control is studied. The results show that the car is significantly positive from the overall market response, and the transfer of control rights brings significant positive cumulative excess return to the target firm. There is a phenomenon of information leakage in China's control market, especially in 2008-2010. The results of the analysis of the three main transfer modes show that the three transfer methods have brought positive cumulative excess return to the target enterprises, but different transfer of control rights have different effects. The market reaction is strongest when the agreement is transferred, followed by the secondary market acquisition mode and the free transfer mode. After the transfer of control rights for the state-owned holding or private holding have brought positive cumulative excess returns to the mouth mark enterprises. However, the cumulative excess return rate of private holding is obviously higher than that of state-owned holding. After the transfer of control, the shareholding ratio of controlling shareholders and the degree of separation of the two rights will also produce a certain amount of value to the target enterprise. Influence. Moderate concentration of equity and proper separation of two rights have positive effects on the value of the company. In the long run, the market performance of the control transfer enterprises is better than that of the selected contrast enterprises, especially in the three years after the transfer, the control transfer events increase the wealth of the shareholders in the long run. Value has been created for the enterprise.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271

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