大股东变更企业业绩改善研究  

Enterpeise Performance after the Turnover of Controlling Shareholders

作　　者：邓德军[1,2] 孙金洲[3] 

机构地区：[1]华中科技大学管理学院 [2]广西大学商学院,广西南宁530004 [3]重庆工商大学经贸学院

出　　处：《改革与战略》2008年第5期141-143,128,共4页Reformation & Strategy

基　　金：国家社会科学基金项目<西部地区承接东部产业转移中产业链整合政策转型研究>(07XJY018)的阶段性研究成果

摘　　要：结合我国证券市场的制度背景,采用主成分分析法,以上市公司的综合绩效排名在大股东变更前后是否发生显著变化为标准考察了大股东变更的绩效。结果发现,在我国大股东的变更并不能给公司带来业绩的长远发展,它仅在大股东变更的当年提升公司业绩。笔者将此现象归因于我国目前不完善的证券市场制度。文章的意义在于指出当前完善我国证券市场制度的重要性。Under the background of China capital market, by using the principal component analysis, the performance of the enterprise are analyzed by taking if the enterprise ranks of the comprehensive scores changes after the turnover of controlling shareholder as standard. The result shows that the turnover of controlling shareholder cannot improve the enterprise performances in long term; it can only improve the performances during the year that the controlling rights transferred. It is the institutional background of China market that leads to this kind of phenomenon. At last, some suggestions on how to perfect the system of China stock market are put forward.

关 键 词：主成分分析 大股东变更 业绩 

分 类 号：F271[经济管理—企业管理]