控制权转移对上市公司并购绩效的影响-研究——来自机械行业上市公司数据

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1、AbstractAlongwithourcountrymarketeconomyandcapitalmarketdevelopment，transferofcontrolfightsactivitieshavebecomeincreasinglyfrequent，onlytoexpandthebusinessofthecompany,formedascaleeffect，andbroadenthefinancingchannelofthecompany,achievethecompanytousetheequityandcapital

2、marketfinancingpurpose．Therefore，thetransferofcontrolfightisthecompanytoachievetheimportantwayofdevelopment，butalsothemarkettoconfiguresocialnaturalresourceseffectivelymeans．Transferofcontrolfightisthereorganizationoflistedcompanieshasacharacteristicmostinrecombinantfor

3、m，buttheresearchofitisrelativelyweak．Theexistingresearchresults，mostarefromthemarketpointofview,thelackofcertainindustryrepresentative，theconclusiondoesnotapplytospecificindustrymergereffect．Thisarticlethroughtothedomesticandforeignresearchactiveexpansionofthesamplesgen

4、eratedbythecompanyperformanceishigherthanthatofpassivechoiceofcontrolrighttransferofsamplecompanygeneratedperformance．(4)afterthetransferofrightsofcontrolpropertiesbythestatesharesstocktosociallegalpersonsharesamplesgeneratedbythecompanyperformancesignificantlyhighersha

5、renaturedoesnotchangetheperformanceofsamplecompanies．(5)theabovefourconclusionsCallbeseen，afterthetransferofrightsofcontrolindifferentextenttoenhancetheperformanceoftheenterprise，conducetothedevelopmentoftheenterprise．Therefore，thispaperarguesthat：transferofcontrolright

6、Canbringexcessprofit．Finally,thispaperpresentssomemachineryindustrytransferofcontrolproblemspolicysuggestions，andpointsoutthelimitationsofthisstudyandthedirectionof6ltureresearchKeyWords：transferofcontrolrightPerformanceofmergersandacquisitionsM&afactoranalysisV目录摘要⋯⋯⋯⋯

7、⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．IIIAbstract．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．．】：1，1绪论⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯11．1研究背景及研究意义⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．11．1．1研究背景⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯l1．1．2研究意义⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯2l-2文献综述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．31．2．1控制权转移绩效文献综述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．31．2．2国内外研究成果述评⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

8、．．61．3研究内容及研究方法⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．71．3．1研究内容⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯71．3．2研究方法⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯81．4本文的创新点⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．82公司控