控制权转移的财富效应研究  

The Investigation on the Wealth Effects of Control Rights Transfer

作　　者：王菊仙[1] 马俊峰[1] 

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《技术经济与管理研究》2015年第2期82-85,共4页Journal of Technical Economics & Management

摘　　要：文章通过事件研究法,考察了控制权转移对股东财富的影响,结果发现:无论是短窗口还是长窗口,控制权转移之后股东财富都有显著地增加;实际控制人持股比例较高的公司控制权转移之后股东财富的增加明显高于持股比较低的公司。这些结果意味着,控制权转移之后并未损害股东财富,但公司治理水平会影响控制权转移前后股东财富变化的大小。这说明在控制权转移进程中,还需要注意提高公司的治理水平,加强对投资者的保护,这样才能更好地发挥控制权转移对股东财富的积极作用。本研究有助于资本市场参与者认识控制权转移带来的经济后果问题,有助于其做出正确的经济决策。By the event study, this paper investigates the effects of control rights transfer on the stockholders＇ wealth. The empirical results show that whether short-windows or long-wondows, the stockholders＇ wealth improve significantly after transferring the control rights. Moerover, the effects on the firms with higher share ratio of ultimate controller are higher than the ones with lower share ratio. The results imply that the control rights transfer didn＇t impair the stockholders＇ wealth, but on the other hand, the coporate governance will have an impact unpon the procedure. It shows that in the process of control rights transfer, it is necessary to pay more attention to the improvement of enterprise management and strengthen the protection of the investors, so as to make the control rights transfer play its part better in controlling of the stockholders＇ wealth. This concludes can help the market participants understand the economic effect of control rights transfer, and help them make the right decision.

关 键 词：控制权转移 财富效应 股东财富 公司治理 

分 类 号：F224[经济管理—国民经济]