论文部分内容阅读
本文从资产重组~1的角度分析了大股东的变更对于上市公司的影响。作者发现。在协议转让方式下,超过60%的公司在被新的大股东接管后的24个月内进行了比较大规模的资产重组,在股权划转方式下,这一比率也达到了40%。接管前的财务业绩,尤其是和管制政策相关的净资产收益率与股权变更后的资产重组行为之间呈现出显著负的相关性。同时,在协议转让的情形下,新的大股东受让的股份比例越高,资产重组的可能性越大,而在股权划转的情形下,资产重组的概率与新股东的受让比例无关。
This article from the perspective of asset restructuring ~ 1 analysis of the changes of major shareholders for listed companies. The author found. Under the agreement transfer method, more than 60% of the companies conducted relatively large-scale reorganization of assets within 24 months after they were taken over by new large shareholders, and the ratio reached 40% under the equity transfer method. The financial performance before the takeover, especially the return on net assets associated with regulatory policies, showed a significant negative correlation with the reorganization of assets after the equity change. In the meantime, in the case of agreement transfer, the higher the proportion of shares transferred by the new major shareholder is, the greater the possibility of asset restructuring. However, in the case of equity transfer, the probability of asset restructuring has nothing to do with the proportion of new shareholders .