摘要
研究了作为一种公司治理机制,国有控股公司接管对经营绩效的影响。以1997—2000年间,在A股市场发生的153起国有控股公司接管事件为样本,以净资产收益率和主营业务总资产收益率扣减行业均值后,作为绩效衡量基准,选择接管前两年至后三年共6年作为时间窗。结果发现:在时间窗内,样本公司的经营绩效得到了显著改善,新控股方为法人股型的接管绩效与新控股方为国家股型的接管绩效无显著差异;接管后,高管更换型的接管绩效优于高管不更换型的接管绩效。
How takeover of state - controlled companies, as a company governance mechanism, has an impact on operating performance, is studied in this paper . Based on a sample of 153 cases of takeovers between 1997 and 2000,this study has explored the problem above, after has selected two financial indexes such as return of equity and core operating return of as- set, to take the difference between them and the mean of the industries as the benchmarks for performance measure, and se- lected six years between two years before takeover and three years after takeover as time window. Findings indicate：During the three years or four years after takeover, the sample companies＇ operating performance was improved significantly; Companies controlled by legal personality shares weren＇t significantly different with companies controlled by state -owned shares, in the improvement degree of operating performance ; Companies with a change of the top managements led to better performance than companies without a change of the top managements, in the improvement degree of operating performance.
出处
《科学．经济．社会》
CSSCI
2007年第3期59-63,共5页
Science Economy Society
基金
教育部人文社会科学青年基金项目的阶段性成果(项目批准号:06JC630024)
关键词
接管
公司绩效
并购
国有控股公司
takeover
company performance
merger ＆ acquisition
state-controlled company
