本文選題：控制權轉移 + 公司績效��； 參考：《廣東外語外貿大學》2014年碩士論文

【摘要】：啟動于2005年的股權分置改革對A股上市公司的公司治理機制和股權結構產生深刻的影響。股權分置改革以后，我國資本市場的快速發(fā)展，A股上市公司的控制權轉移活動也漸趨活躍,并有愈演愈烈的趨勢。許多上市公司紛紛在遭遇發(fā)展瓶頸或者經營困局的情況下，試圖通過控制權轉移的方式，引入新的大股東，獲取發(fā)展資源和協(xié)同效應，實現(xiàn)公司績效改善的目標。 我國上市公司控制權轉移活動具有起步晚、發(fā)展快的特點。自1992年以來，我國上市公司控制權轉移的發(fā)展總共經歷了5個階段。本文對我國上市公司控制權轉移的發(fā)展與現(xiàn)狀進行了梳理，分析和歸納每個發(fā)展階段的特點，然后提煉出我國控制權轉移的特征，最后總結了控制權轉移活動所遇到的問題。 在實證分析部分，本文首先綜合運用兩類委托代理理論、控制權市場理論、效率理論、協(xié)同效應理論等理論界的最新成果，建立理論分析框架，并提出有關的研究假設。然后，本文通過因子分析法，以2005年至2009年我國A股市場發(fā)生過控制權轉移事件的上市公司為研究對象，運用配對樣本T檢驗方法分析上市公司控制權轉移前后的經營績效的差異，結果發(fā)現(xiàn)控制權轉移事件明顯改善了目標公司的經營績效，但同時亦存在改善效應持續(xù)性不佳的問題。然后，本文建立多元回歸模型，對發(fā)生控制權轉移后的上市公司股權結構對公司績效的影響進行更加深入的研究，回歸結果顯示，控制權轉移以后，公司第一大股東持股比例對公司績效的影響呈現(xiàn)倒U型關系，股權制衡度對公司績效的影響亦呈現(xiàn)倒U型關系。因此，，本文認為適當?shù)墓蓹嘀坪舛群秃侠淼目毓晒蓶|持股比例有助于優(yōu)化控制權轉移后上市公司的經營績效。 最后，基于本文的實證研究結果，并結合我國控制權轉移的現(xiàn)狀與問題，總結出本文的研究結論，并作出相應的政策建議。
[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.
【學位授予單位】：廣東外語外貿大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F271;F272.5

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