股权分置改革对我国上市公司业绩影响的实证分析.docVIP

预测Vol. 28, No.4 FORECASTlNG 2009年第4期股仪分直改革对我国上市公司业绩影响的实证分析淳伟锦t气叶爵陈璇3(1.西南交通大学经济管泼学院，四川成都610031;2.成都竣工大学信息管援学院，四川成都610059;3.上海海洋大学经济管级学院，上海200090)摘要~:本文对我阂上市公司股权分I改革情况进行了实证检验，分析了现金对价、股本调绥对价和权证对价三种对价久付方式与公司:lk.绩的关系。结果表明，上市公司进行股权分宽改革会对公司业绩产生泉辛辛的.iE.??7影响。进一步就二三种具体的对价支付方式而言，采用了股本调靠在对价支付方式的上市公司业绩有显著提高，采用其他，对价支付方式的上市公司此绩变化并不1f著。本文的研究结采有利于造一步深入研究改革股权分直改革的成效及其对上市公司治毅的影响o关键词:股权分I改革;公司绩效;对价支付中图分类号:F271文献标识码:A文章编号:1003-5192 (2009) 04-0043翩。7An Empirical Research on the Impact of Split-share Structure Reform upon the Performance in China’ s Listed Companies 1213 CHUN Wei-de , YE Yong, CHEN Xuan(1. College 0/ Economics amp; Management. South咄estJiaotong University. Chengdu 610031 China; 2. College o/ln/or??mation Management. Chengdu University 0/ Technology. Chengdu 610059. China; 3. College 0/ Economic amp; Manage??ment. Shanghai Ocean University. Shαnghαi 200090, Chin明)Abstract: The current emp rical study exam nes the influence of split幽sharestructure reform on listed companies in China and the relationship between three types of considerat on payments (including cash consideration payments. equity ad??justment consideration payments and warrants consideration payments) and firm performances. The results nd cate that the performance of \isted compan es having executed叩lit叶harestructure reform has been s gn ficantly improved. The further study shows the performance of companies. which having adopted叫uityadjustment consideration payments. are improved, whiJe the performance of other companies having adopted different considerations are not significantly in??crease. The research contributes to further exploration of the effect of叫uitydivision reformation and its impact on \isted companies in China. Key wor巾:split铺sharestructure reform; co叩orateperformance; consicleration payment 趣的通知}，启动了我国股权分置改革。股权分置1号|宙改革将在规范我国资本市场、改茜公司泊理、保护中国股市由于受历史原因和人们认识上的不中小投资者的利益等方面带来积极的作用。足，将股份人为割裂为流通股与非流通股，并且二随着序暮的拉开，股权分置改革成为理论界、者问股斗之间价，同股不间板，同股不同利，形成了实务界以及证券监管当周共同关注的热点和难点，quot;股权分堂堂quot;这种特殊现象。股权分置在