CAJ | 학술논문

已有对公司并购绩效的研究没有得出一致结论，本文运用会计研究法研究公司控制权转移的绩效，文章利用主成分分析方法计算公司经营业绩综合得分，分析控制权转移方式、第一大股东性质变动、转让的股权比例、高管变动等因素对控制权转移后公司业绩变动的影响，并考察控制权转移中是否存在盈余管理问题。研究表明，控制权转移没有显著提高公司业绩，业绩的提高反而是部分来自于盈余管理。说明现阶段市场环境下我国上市公司控制权转移不仅不是代理问题的解决方法反而是代理问题的表现形式。
이유대공사병구적효적연구몰유득출일치결론，본문운용회계연구법연구공사공제권전이적적효，문장이용주성분분석방법계산공사경영업적종합득분，분석공제권전이방식、제일대고동성질변동、전양적고권비례、고관변동등인소대공제권전이후공사업적변동적영향，병고찰공제권전이중시부존재영여관리문제。연구표명，공제권전이몰유현저제고공사업적，업적적제고반이시부분래자우영여관리。설명현계단시장배경하아국상시공사공제권전이불부불시대리문제적해결방법반이시대리문제적표현형식。
There is no single clear cut conclusion on the performance of M＆A, this paper concerns on the performance of Control Transfer using an approach in accounting method. The researchers calculate the comprehensive score of corporate performance by Factor Analysis method, the paper analyzes some factors influencing corporate performance such as transfer mode, change of first shareholder＇s property, ratio of transferred share, top management turnover, and it also investigates the effect of earnings management. The empirical results show that the event of control transfer didn＇t improve the corporate performance significantly; the improvement of performance comes partly from the earnings management. This shows that control transfer isn＇t the way to solve Agency Problem but the reflection of Agency Problem.