基于股权结构视角的我国上市公司控制权转移与公司绩效研究

发布时间：2018-04-13 02:18

本文选题：控制权转移 + 公司绩效　；参考：《广东外语外贸大学》2014年硕士论文

【摘要】：启动于2005年的股权分置改革对A股上市公司的公司治理机制和股权结构产生深刻的影响。股权分置改革以后，我国资本市场的快速发展，A股上市公司的控制权转移活动也渐趋活跃,并有愈演愈烈的趋势。许多上市公司纷纷在遭遇发展瓶颈或者经营困局的情况下，试图通过控制权转移的方式，引入新的大股东，获取发展资源和协同效应，实现公司绩效改善的目标。我国上市公司控制权转移活动具有起步晚、发展快的特点。自1992年以来，我国上市公司控制权转移的发展总共经历了5个阶段。本文对我国上市公司控制权转移的发展与现状进行了梳理，分析和归纳每个发展阶段的特点，然后提炼出我国控制权转移的特征，最后总结了控制权转移活动所遇到的问题。在实证分析部分，本文首先综合运用两类委托代理理论、控制权市场理论、效率理论、协同效应理论等理论界的最新成果，建立理论分析框架，并提出有关的研究假设。然后，本文通过因子分析法，以2005年至2009年我国A股市场发生过控制权转移事件的上市公司为研究对象，运用配对样本T检验方法分析上市公司控制权转移前后的经营绩效的差异，结果发现控制权转移事件明显改善了目标公司的经营绩效，但同时亦存在改善效应持续性不佳的问题。然后，本文建立多元回归模型，对发生控制权转移后的上市公司股权结构对公司绩效的影响进行更加深入的研究，回归结果显示，控制权转移以后，公司第一大股东持股比例对公司绩效的影响呈现倒U型关系，股权制衡度对公司绩效的影响亦呈现倒U型关系。因此，，本文认为适当的股权制衡度和合理的控股股东持股比例有助于优化控制权转移后上市公司的经营绩效。最后，基于本文的实证研究结果，并结合我国控制权转移的现状与问题，总结出本文的研究结论，并作出相应的政策建议。
[Abstract]:The split share structure reform, which was launched in 2005, has a profound impact on the corporate governance mechanism and equity structure of A-share listed companies.With the rapid development of China's capital market after the reform of split share structure, the transfer of control rights of A-share listed companies has become more and more active.Many listed companies have tried to introduce new large shareholders and obtain development resources and synergies to achieve the goal of improving corporate performance through the transfer of control rights under the situation of development bottleneck or operational difficulties.The transfer of control rights of listed companies in China has the characteristics of late start and rapid development.Since 1992, the development of control transfer of listed companies in China has gone through five stages.In this paper, the development and present situation of control transfer of listed companies in China are analyzed, the characteristics of each stage of development are analyzed and summarized, and the characteristics of control transfer in China are refined. Finally, the problems encountered in the transfer of control rights are summarized.In the part of empirical analysis, this paper first synthetically uses two kinds of principal-agent theory, control market theory, efficiency theory, synergetic effect theory and other theoretical newest achievements, establishes the theoretical analysis frame, and puts forward the related research hypotheses.Then, through factor analysis, this paper takes the listed companies that have experienced the transfer of control in the A-share market from 2005 to 2009 as the research objects.Using the paired sample T test method to analyze the difference of operating performance of listed companies before and after the transfer of control rights, the results show that the event of control transfer significantly improves the operating performance of the target company.But at the same time, there is also the problem of improving the persistence of the effect.Then, this paper establishes a multivariate regression model to study the effect of ownership structure on corporate performance of listed companies after the transfer of control rights. The regression results show that after the transfer of control rights,The influence of the proportion of the largest shareholders on the performance of the company is inversely U-shaped, and the influence of the degree of equity balance on the performance of the company is also inversely U-shaped.Therefore, this paper argues that a proper degree of equity checks and balances and a reasonable shareholding ratio of controlling shareholders can help to optimize the operating performance of listed companies after the transfer of control rights.Finally, based on the empirical results of this paper, combined with the current situation and problems of the transfer of control rights in China, this paper summarizes the conclusions of this study, and makes corresponding policy recommendations.
【学位授予单位】：广东外语外贸大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F271;F272.5

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