基于bhar法的上市公司资产剥离后长期绩效的实证分析-empirical analysis of long-term performance of listed companies after divestitures based on bhar method.docx

摘要资产剥离是上市公司重要的资产重组方式之一，无论在国外还是国内，资产剥离的数量和 规模都呈持续增长的态势。随着我国上市公司资产剥离的规模和频率不断增加，资产剥离后的 长期绩效成为一个值得关注和研究的问题，但是，目前国内学者对于资产剥离后长期绩效的研 究还难有定论。 因此，本文将对资产剥离后的长期绩效进行研究。文章首先对资产剥离绩效理论及国内外长期绩效研究的成果进行梳理，在此基础上初步分 析我国资产剥离的现状及基本特征，并分析影响资产剥离后长期绩效的因素。随后，以 2005 年到 2007 年三年间进行资产剥离的 205 个公司的股票为样本，运用事件研究法中的 BHAR 法对 样本公司资产剥离后连续三年的长期绩效进行实证研究。研究结果表明：总体来看上市公司资 产剥离后的长期绩效较差，并且随着时间推移绩效下降幅度逐渐加大；与股权形式的剥离行为 相比，上市公司实物资产剥离后的长期绩效更差；与关联剥离相比，上市公司非关联剥离后的 长期绩效更差。上市公司资产剥离后长期绩效的影响因素是复杂多样的，上市公司规模、剥离 资产的相对规模以及剥离后流通股比例都会对资产剥离后的长期绩效产生影响。根据研究结果，本文认为在宏观政策方面应当加强法规和中介机构的建设，以完善对资产 剥离行为的辅助和监管作用；上市公司自身应对资产剥离给予充分的重视，明晰主业，将其纳 入公司的长远发展战略，当上市公司发展到一定规模，可以考虑通过资产剥离来提高内部协同 效益，在进行资产剥离过程中应当控制资产剥离的规模和时机，及时完成剥离后的整合工作, 让资产剥离真正促进上市公司的平稳、健康发展。关键词：事件研究法，BHAR 法，资产剥离后长期绩效，影响因素AbstractDivestiture is an important way of asset restructuring for listed companies, home or abroad, asset stripping of the quantity and scale of a sustained growth, Asset scale and frequency of China listed companies increases ceaselessly, The long-run performance after divestitures for Chinese listed companies has become a problem that deserves our attention and research, however, domestic scholars for the long run performance after divestitures research was not enough to draw a conclusion. Therefore, this article will research the long run performance after divestiture for China Listed Companies.First of all, The article studied domestic and foreign assets divestures theory to sort out the results of research, on the basis of preliminary analysis, get our country asset stripping current situation and basic characteristics. Subsequently, based on 2005 to 2007 was asset stripping 205 shares in the company as a sample, using the event study method in the BHAR method to the sample company’s divestiture after long-term performance empirical study. At the same time, asset stripping after long-term performance and its influencing factors analysis. The results show that: Overall the long run performance after divestiture is poor, and as time goes by, performance declines