ST公司论文：ST公司控制权转移绩效的研究.docVIP

ST公司论文：ST公司控制权转移绩效的研究 【中文摘要】绩差公司(ST公司)的资产重组历来是证券市场的热门话题,国内近一半的ST公司选择了通过转让控制权的资产重组方式摆脱经营困境,但我国证券市场上的ST公司控制权转让,变更公司实际控制人,是否能够真正改善目标公司的经营状况,提高ST公司的绩效?外部环境的改善是否提高了控制权转移的绩效?本文正是基于这些疑问,从理论和实证的角度对ST公司的控制权转让的绩效做了较为全面、深入的研究。为了客观、全面的探讨ST公司控制权转让的绩效,本文以2001-2006年发生控制权转让的101家ST公司为研究样本,利用事件分析法和会计分析法,从控制权转让的市场绩效和财务绩效两个方面,分组对比研究了ST公司控制权转让的绩效。本文的第一章介绍了文章的和研究意义,总结了国内外学术界关于ST公司的和公司控制权市场的各种已有的文献,对主要的结论进行了比较分析和客观的评价。第二章界定了公司控制权的概念,描述了其转移方式,并介绍了我国公司控制权转移的制度环境变化。第三章剖析了控制权转移的动机,总结了国内外学者关于控制权转移的相关理论,提出本文的研究假设。第四章和第五章则是对本文的研究假设的验证,第四章采用事件分析法,从市场绩效的角度验证本文的假设,第五章利用会计分析法,从财务绩效的角度验证本文的假设。最后第六章,根据前面的研究得出了结论并提出了相关建议,指出未来研究的方向。 【英文摘要】Special Treatment (ST) Companies’reorganization is always the hot topic of the securities market. At least half of the ST companies in China chose to transfer the right of exercise control to escape from operation puzzle. But whether this method can improve the operation situation of the target company, improve the ST companies抋chievements and whether the improvement of external environment is useful for improving the performance of the right of control is the object of this research. This paper investigates the performance of the ST company抯 transformation of the right of control deeply and across-the-board from the standpoint of theoretic and practicality. For objective and all-sided analyzing the performance of ST companies抰ransformation of the right of control, this paper makes the example of the 101 ST companies who had taken place the transformation of the right of control during the 2001 till 2006. We use the events analysis and financial research to compare the performance of the ST companies抰ransformation of right of control form two sides?market performance and financial performance.In chapter1 we present the research background and the signification and summarize the domestic and international academic circles about ST companies and market for corporate control various existing literatures, the main conclusion comparative analyses and objective evaluati