控制权转移绩效与公司监管 --基于因子分析的解释

2000年发生控制权转移的72家公司，在1999—2003年公司业绩均呈下降的趋势，表明控制权转移没有使公司业绩得到改善，公司监管缺失和控制权转移过程中的不规范因素是产生这种现象的重要原因。目前，加强公司监管是改善公司治理的有效途径，不能因为资本市场对公司治理的约束而放弃或忽视对公司的监管，只有在有效的公司监管和资本市场“用脚投票”等机制的共同作用下，才能从根本上改善公司治理。

Underperformance after Stake Transfer and Corporate Supervision

The declining performance in the years from 1999 to 2003 of the 72 companies that experienced controlling power transfers in 2000 indicates a failure of the scheme in improving business performance. Absence of corporate supervision and abnormal practice in the course of power transfer are to blame. Enhancing corporate supervision is an effective way to improve corporate governance. It is only under the joint force of the effective internal supervision and the market convention can the governance of corporations be radically improved.