股权分置改革后上市公司的绩效提高了吗  

Does the Split Share Structure Reform Enhance the Listed Firms' Performance

作　　者：李锋[1] 

机构地区：[1]上海立信会计学院财务管理系,上海201620

出　　处：《证券市场导报》2008年第10期10-17,共8页Securities Market Herald

基　　金：上海市教育委员会重点学科建设项目资助(编号:J51701)

摘　　要：本文以2005年完成股权分置改革的上市公司为样本,在一定的时间跨度内观察了股改对上市公司财务绩效和市场绩效两方面的影响。通过配对样本T检验和多变量回归检验的结果表明:股改后我国上市公司无论财务绩效还是市场绩效均有一定程度的提高,但市场绩效的变化迟于财务绩效的变化;股改的确使原非流通股股东对待上市公司绩效的态度产生了积极触动作用,但是股改并未改变上市公司控股股东对中小股东的"侵占效应"。研究还发现股改对价成为股改后公司绩效变化的反向指示器,同时不理性的投资行为与不成熟的证券市场环境也对公司绩效的评价产生了重要影响。By means of paired sample t test and multiple regression analysis, we find both financial and market performance has improved after Split Share Structure Reform, but the change of market performance lags behind that of financial performance. The attitude of former non-tradable shareholders towards company＇ s performance has changed positively; however, the reform does not eliminate expropriation effect placed by controlling shareholders on external minority shareholders. The result also supports that the level of consideration offered by non-tradable shareholders to tradable shareholders is a negative indicator of corporate performance after the reform.

关 键 词：股权分置改革 财务绩效 市场绩效 

分 类 号：F276.6[经济管理—企业管理]