控制权转移的市场反应——基于私有收益视角

控制权转移可以引起公司股票价格以及股东财富的变化,国内外学者对此进行了大量研究,但鲜有结合控制权私有收益的分析。本文从私有收益视角出发,从事件期的累积超常收益、超常换手率、内幕交易指标、长期购买持有收益以及国有和民营买家超常收益的比较等方面进行了实证研究,结果表明:上市公司的控制权转移在很大程度上是新控股股东通过内幕交易获取私有收益的行为,并未真正为股东创造价值。

Market Response to the Transfer of Controlling Rights: In view of Private Benefits

The transfer of controlling rights can increase stock prices and shareholders wealth. Researchers made great deal of studies on the market responses to the transfer, while seldom in view of private benefits of corporate control. This study empirically investigates the accumulated abnormal returns, abnormal turnover rates, insider trading, long term buy-and-hold abnormal returns and differences of state-owned buyers′ returns and private buyers′ returns in view of private benefits. Results show that the transfer is the activity of obtaining private benefits by the new controlling shareholders through insider trading, it does not create values for stockholders.