CAJ | 학술논문

现代西方并购理论和实证的新研究指出，控制权转移与公司财务绩效的关系应置于一定时间序列数据下考量，且在连续数据下的财务绩效影响因素显著性判别更为合理。本文以此理论为基础，对沪深股市2001年开始一次性实际控制人变更的上市公司2000年至2004年公开数据作实证研究。实证结果表明：上市公司控制权转移后公司财务绩效有持续改善，股权转让溢价率、并购策略选择、合适的管理层结构和规范经营与公司财务绩效显著正相关。
현대서방병구이론화실증적신연구지출，공제권전이여공사재무적효적관계응치우일정시간서렬수거하고량，차재련속수거하적재무적효영향인소현저성판별경위합리。본문이차이론위기출，대호심고시2001년개시일차성실제공제인변경적상시공사2000년지2004년공개수거작실증연구。실증결과표명：상시공사공제권전이후공사재무적효유지속개선，고권전양일개솔、병구책략선택、합괄적관리층결구화규범경영여공사재무적효현저정상관。
The modem west Mergers ＆ Acquisitions theory and the current empirical studies point out that the relation of corporate control transfer and corporate financial performance should be considered on the conditions of some stated time serial data, especially with sequential data the distinct test of the influencing factors of financial performance be more reasonable. Based on the above theory, this article takes the open data of the listed companies in Shanghai and Shenzhen stock markets which changed controllers indeed one-off to do empirical study. The results indicate that financial performance of the listed companies which corporate control transferred indeed improved continuously, and the transfer price overflow ratio to the net, the strategy of M＆A, the management structure and the criterion management are the important positive influencing factors of the financial performance.