【作者】 魏华；

【导师】 熊海斌；

【作者基本信息】 湘潭大学 ， 金融学， 2010， 硕士

【摘要】 公司控制权是对公司全部经营活动构成影响的权力,它的转让,实质上是对控制权资源的重新配置。在评价其转让效率时,主要是通过对公司经营绩效的变化来体现。控制权转让与公司经营绩效的关系一直是国内外学者研究的核心问题,西方学者在这一方面做了大量的研究,得出相当丰富的理论基础和实证结论。由于我国控制权市场形成比较晚,控制权市场发展不完善,国内学者对于控制权转移的研究没有形成系统的控制权转移理论,大多从实证的角度去验证控制权转移与经营绩效的关系。本文的理论部分回顾了国内外学者的在控制权转让效率方面研究,发现对于控制权转让是否有提高公司绩效,国内外学者并没得出一致的结论。在研究控制权转让的动因方面,不同学派的学者基于不同的理论背景提出了形形色色的理论,但由于控制权转让的复杂性,单个的动因理论很难对控制权转让作出全面的解释。ST公司作为我国特有的上市公司,体现了我国证券市场制度的不完善,其特殊的经营状况,使之成为我国控制权转让市场上的一大亮点,也是学界和企业界讨论的热点。本文的重点在于对ST公司控制权转让效率的实证分析,选取样本公司的盈利能力、偿债能力、发展能力和资产现状等财务指标,运用因子分析法构建综合得分函数,分别计算ST公司控制权转让前两年、转让前一年、转让当年、转让后一年、转让后两年和转让后三年的综合得分,比较综合得分,以判断ST公司控制权转让前后的业绩状况。本文的结论如下:(1)控制权转让前一年,ST公司的业绩最差,表明ST公司总是等到最差的时候才会选择控制权转让的方式去改善业绩;(2)控制权转让当年,业绩改善不明显,而控制权转让后一、两年内,ST公司的业绩有显著的提高,主要是因为资源的整合效应需要一定时间,转让后一两年才会体现;(3)转让后的第三年,公司的业绩出现了一定的回落,表明ST公司控制权的转让较多的注重短期效率。总体来看,ST公司控制权转让是有效率的,但也存在部分ST公司控制的转让是缺乏效率的。最后,对造成我国ST公司控制权转让效率低下的因素进行详细的分析,并就如何提高ST公司控制权转让效率提出了相关建议。更多还原

【Abstract】 The company domination is the authority which can influence all the company’s business activities, its transfer, materially is to redistribute the domination resources, the evaluation of domination transfer efficiency is mainly reflected by the changes of the company’s management achievement, the relation between domination transfer and the company’s management achievements has been the core question studied both by the domestic and foreign scholars. the western scholars have done a massive research in this area and have formed quite abundant theory foundation and empirical conclusions. since the domination market was formed quite late in our country, the development of domination market is imcomplete. our country’s scholars on the domination transfer of the formation is not related to systems theory, most scholars only from an empirical point of view to verify the the relationship between performance and management.This paper reviews the theoretical part of the domestic and foreign scholars in the aspect of domination transfer efficiency and discovers, whether the domination transfer have enhanced the company’s achievement, but the domestic and foreign scholars have not reached the same conclusion. in the research of domination transfer’s dynamic factors, different schools of scholars have raised all kinds of theories because of different theory backgrounds, but based on the complexity of the domination transfer, it is very difficult for the single motivation theory to explain the domination transfer comprehensively. ST (Special Treatment) corporation as an unique company in our country, its reflect our country’s market systerm is far from perfect. the special condition enables it to become the highlights of our country’s domination transfer market,the efficiency of domination shift is a hot issue in the academia and business world.This article focuses on the empirical analysis about the domination transfer efficiency of ST corporation. it selelects ST’s financial norms such as, ST’s profit ability, credit, capacity, develop power, present situation of assets and so on. and constructs to use factor analysis overall score function, calculating the synthesis score of those years respectively, the second year before the transfer, the first year before the transfer, the very year of the transfer, the first year after the transfer, the second year after the transfer,and the third year after the transfer. comparing the total score to determining the ST before and after the domination transfer of the company’s performance status, the conclusions are as follows: (1) the first year before the transfer, ST’s worse performance, indicating that ST corporation always won’t choose the domination transfer to improve the performancet until it gets the worst; (2) in the transfer year, the imporovement of achievment was not very obvious, but after the domination transfer within a year or two, ST’s performance was significantly improved, mainly because it will take some time for the effect of resource integration, and this will need one or two years after the transfer expression; (3)the third year after the transfer, company performance has certain decline, indicating that the domination transfer of ST companies is more focused on short-term efficiency. On the whole, ST transfer of corporate control is efficient, however, there are also some relatively scarce.Finally, the article makes a detailed analysis on the factors which have caused the low efficiey of ST corporation domination transfer in our country, and put forward to some related suggestions on how to improve the efficiency of the ST corporate domination transfer.更多还原