CAJ | 학술논문

从重大资产重组的财富效应视角，检验了股权分置改革对改善公司大股东代理问题的影响。研究表明，与股权分置改革前相比，股权分置改革后公司重大资产重组取得了显著的短期和中长期超常回报。进一步分析股权分置改革的资产重组效应是否受公司特征或重组类型影响，研究发现重组规模对股权分置改革的资产重组效应产生显著影响，而重组公司是否国有控股、股权集中度、是否ST公司以及是否关联交易未产生显著影响。结论表明，股权分置改革对重大资产重组绩效的影响是系统性的。
종중대자산중조적재부효응시각，검험료고권분치개혁대개선공사대고동대리문제적영향。연구표명，여고권분치개혁전상비，고권분치개혁후공사중대자산중조취득료현저적단기화중장기초상회보。진일보분석고권분치개혁적자산중조효응시부수공사특정혹중조류형영향，연구발현중조규모대고권분치개혁적자산중조효응산생현저영향，이중조공사시부국유공고、고권집중도、시부ST공사이급시부관련교역미산생현저영향。결론표명，고권분치개혁대중대자산중조적효적영향시계통성적。
From the perspective of wealth effect of material asset reorganizations,this paper tests the impact of split share structure reform (SSSR)on the agency problem of the largest shareholders.We find that comparing to pre-SSSR,the material asset reorgani-zations post-SSSR produce significant abnormal returns in both short term and mid-long term.We also examine whether this effect of SSSR is affected by the characteristics of the company or the types of asset reorganization.The result shows that the SSSR’s effect on re-organization is significantly affected by the scale of reorganization.Meanwhile,the effect is not related to the facts regarding whether the company is state-controlled,how ownership is concentrated,whether the company is a ST firm or whether the reorganization is a related party transaction,which shows that this effect is systematic.