摘要
我国资本市场建立之初,上市公司的股权结构基本上不是市场自然演变的结果,而在实际控制人发生变更的情况下公司面临着重新确定股权结构的机会。控制人的任何改变与调整都是基于当时他所认为的最优选择而进行的,因此这种调整对于新的实际控制人来说是一种优化。文章以实际控制人发生变更为外生冲击变量,考察了控制人变更与股权结构变动的交互作用对公司价值的影响。文章研究发现,实际控制人变更能短暂提升上市公司当年的绩效,却在随后几年有显著的负向影响,进一步地研究发现实际控制人多次变更对上市公司绩效有一定的累积效应。然而若实际控制人变更的同时还伴随着股权结构的变动调整,则情况会发生变化。
At the beginning of the capital market in China,the ownership structure of listed firms is basically not the result ofmarket of natural evolution. However,in the case of the changes of ultimate controllers,companies faced with a new chance todetermine the ownership structure. Any change is an optimization for new controller as these adjustments are based on what heconsiders the optimal choice at that time. Using alternation of ultimate controllers as an exogenous shock variable,this paperanalyzes the interactive effect of changes of ultimate controllers and adjustments of ownership structure on corporate value.The paper finds that changes of ultimate controllers can enhance firm performance shortly but have negative effects in the sub-sequent years. The further analysis reveals that multiple changes of ultimate controllers have cumulative effects on corporateperformance. However,when considering the adjustments of ownership structure,the results will change.
出处
《华东经济管理》
CSSCI
北大核心
2016年第11期141-149,共9页
East China Economic Management
基金
国家社会科学基金重大招标项目(12&ZD069)
关键词
实际控制人
股权结构
优化调整
倾向得分匹配
ultimate controller
ownership structure
optimization and adjustment
propensity score matching
