大股东变更和高层更换:市场绩效的实证研究  

Large Stockholder and Senior Manager Transferring of Listing Companies——An Empirical Study of the Market Performance

作　　者：朱琪[1] 彭璧玉[1] 黄祖辉[2] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510631 [2]浙江大学管理学院,浙江杭州310029

出　　处：《华南师范大学学报（社会科学版）》2004年第2期15-20,共6页Journal of South China Normal University：Social Science Edition

基　　金：华南师范大学博士科研启动基金的资助

摘　　要：针对1997年到2001年我国上市公司并购中控制权变更的282例样本,就其控制权变更公告日效应的平均超常收益率和累计平均超常收益率进行实证分析。研究结论显示:(1)我国上市公司并购中控制权变更的信号传递效应在[-2,2]区间上完全实现。(2)在我国上市公司并购中控制权变更公告日收益率变动呈现出如下趋势:在公告日信号传递效应区间,其收益率显著为正;随着传递时间延伸,收益率显著为负,从而在整体上,我国上市公司并购中控制权变更对并购公司股东并未显示出明显绩效改善。(3)上述结论统计检验极其显著。samples about the control rights transferring in the mergers and acquisitions of listing companies between 1997 and 2001 were selected. Average Abnormal Returns (AR) and Cumulative Abnormal Returns (CAR) during the course of announcement of the control rights transferring were analyzed empirically. The results were shown as follows: (1) Information signaling effects in the periods of[-2,2] about control rights transferring of listing companies mergers and acquisitions were achieved completely. (2) Returns changing trends had: returns were positive significantly in the announcement information signaling periods; as time passing by, returns became negative significantly. On the whole, performances were not improved during the course of control rights transferring of the listing companies mergers and acquisitions. (3) The above statistical tests about the results were very significant.

关 键 词：控制权变更 公告效应 上市公司并购 

分 类 号：F830.91[经济管理—金融学]