上市公司股权转让绩效比较研究：股东特质视角  

An Comparative Study on the Performance of Stock Rights Transfer of Listed Companies in China:from the Perspective of Shareholders' Characteristics

作　　者：李田香[1,2] 谭顺平[3] 

机构地区：[1]四川大学商学院 [2]广西民族大学管理学院 [3]广西财经学院教务处

出　　处：《广西民族大学学报（哲学社会科学版）》2015年第4期139-142,共4页JOURNAL OF GUANGXI MINZU UNIVERSITY:PHILOSOPHY AND SOCIAL SCIENCE EDITION

基　　金：国家社科基金项目“中国上市公司投资者财务权益保护指数设计与应用研究”(项目编号:12BJY017)

摘　　要：按照控股股东性质标准,运用会计指标法与主成分分析法,对2011年进行了股权转让的国有控股与民营控股两大类上市公司进行并购绩效研究。实证研究结果表明:通过股权转让,就国有或民营公司自身来说,其并购后绩效遵循的是先下降后提升的规律;就横向对比来说,民营公司的并购绩效优于国有公司。Based on the characteristics standard of controlling shareholders, this paper makes a comparative analysis on the performance of M＆A of state- owned shareholding companies and private ones which made stock rights transfer in 2011 by means of accounting index and principal component analysis. The re- sult of the empirical study shows that for both state-owned and private compa- nies, after stock rights transfer, the performance of M＆A declines at first and then rises. The performance of M＆A of the private companies is better than that of the state-owned shareholding ones in parallel comparison.

关 键 词：股东特质 股权转让 并购绩效 

分 类 号：F421.36[经济管理—产业经济]