控制权转移与企业业绩

本文利用1997-2001年发生控制权转移的企业为样本,运用因子分析方法,研究了控制权转移与企业业绩之间的关系,创新性地对企业业绩从盈利性和增长性两方面进行分解评价,并进一步辨识了并购行为的特征。研究结论:(1)与市场整体水平相比,控制权转移企业中业绩较好的企业占27%,业绩较差的占22%,业绩中等的占51%;(2)控制权转移虽然能短暂地提升业绩,但并不能长久提升;业绩短暂提升是通过业绩增长实现的,而企业盈利能力始终没有提升;(3)控制权转移的财务性并购特征高于战略性并购特征。

Control Transfer and Corporate Performance

Using the data of the cases of control transfer during 1997 to 2001 in China, this paper investigates the relationship between Control Transfer and Corporate Performance by applying the method of factor analysis, first appraises performance from aspects of profit- ability and increase, and recognizes the characters of M&A. the re- search findings indicate that, 27% of the cases better than, 22% worse than the average level of market performance, 51% show the average level of market performance. The findings also indicate that Control Transfer can increase performance transitorily, and the character of M&A is rather financing than strategic. The findings can be explained by theory of Control Right.