剥离重组长期效应与股权结构的实证分析

1998年至2006年间的58家剥离重组事件的股东长期超常回报在事件前年度与对照组无差异,事件后年度显著低于对照组;在事件发生后年度,剥离行为能促进企业债务结构与盈利能力的改善,但有效期间和影响程度有限。剥离母公司各项财务指标中,EPS的超常增量变化与股东长期超常回报显著正相关;由于剥离企业的各类股权结构与股东长期超常回报不具显著的线性相关性,说明代理理论无法有效解释剥离行为效应。

Empirical Study on the Long-term Effect of Divestitures and Equity Structure

The study samples include 58 divestitures in China between 1998 and 2006.We find that the long-term abnormal return(LAR) of shareholders has no difference with the control groups before the divestiture,but is remarkable lower after the event;the divestitures help to improve the liability structure and profitability of parent company within a limited degree and period.The exceeding increment of EPS is positive related to LAR;since all types of shareholding show no linear relationship to LAR,so the agency hypothesis can’t effectively explain on the divestiture effect.