| 控制权转移前业绩、收购方性质与控制权转移绩效 |
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| 引用本文： | 涂国前. 控制权转移前业绩、收购方性质与控制权转移绩效[J]. 中国会计评论, 2010, 0(4) |
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| 作者姓名： | 涂国前 |
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| 作者单位： | 中山大学管理学院; |
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| 基金项目： | 国家自然科学基金重点项目“产权保护导向的会计控制研究”(70532003)、国家自然科学基金项目“审计质量决定机制与审计师选择”(70772080)的部分成果 |
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| 摘 要： | 本文研究控制权转移前业绩、收购方性质对控制权转移绩效的影响。以1994—2007年中国A股市场发生控制权转移的公司为样本,本文发现:从长期绩效来看,亏损公司控制权转移后,业绩明显上升;盈利公司被转让给无经验的民营收购方后,业绩明显下降,转让给国有收购方和有经验的民营收购方后,业绩没有明显变化。从短期市场反应来看,转让给国有收购方和有经验的民营收购方的市场反应明显优于转让给无经验的民营收购方。
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| 关 键 词： | 收购方性质 控制权转移 绩效 |
Prior-performance,the Character of the Acquirer,and the Results of Controlling Rights Transfer |
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| GUOQIAN TU. Prior-performance,the Character of the Acquirer,and the Results of Controlling Rights Transfer[J]. China Accounling Review, 2010, 0(4) |
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| Authors: | GUOQIAN TU |
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| Affiliation: | GUOQIAN TU (Sun Yat-Sen University) |
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| Abstract: | Controlling rights transfer has long been very important in the capital markets around the world.The theory of market for corporate control is popular in the developed capital markets.However,China's capital market has its own characteristics,and it is questionable to use the theory of controlling rights transfer to study the controlling rights transfer in China. This paper examines the influence of prior-performance and the character of the acquirer on the results of controlling rights transfer.Firms with ... |
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| Keywords: | prior-performance the character of the acquirer controlling rights transfer performance |
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