CAJ | 학술논문

在对2000—2008年136个发生了收购行为随后控制权又被易主的上市公司样本进行研究后发现：控制权市场的惩戒作用能起到一定效果，控制权易主能够改善价值毁损的状况。控制权易主之后5年，价值毁损的状况得到明显改善。劣质收购公司控制权易主后的价值毁损改善程度比非劣质收购公司大。控制权易主后的价值毁损改善程度随着投资者保护的增强而增加。
재대2000—2008년136개발생료수구행위수후공제권우피역주적상시공사양본진행연구후발현：공제권시장적징계작용능기도일정효과，공제권역주능구개선개치훼손적상황。공제권역주지후5년，개치훼손적상황득도명현개선。렬질수구공사공제권역주후적개치훼손개선정도비비렬질수구공사대。공제권역주후적개치훼손개선정도수착투자자보호적증강이증가。
Based on the research of 136 listed companies that control fight has been replaced after their acquisitions during the period of 2000 -2008, the result shows that the punishment function of corporate control market could be effective be- cause of the control fights replacement could improve the situation of value destroy. In five years following the control fights replacement, the situation of value destroys improved obviously. The bad bidders improved more than the other bidders. The extent of value improvement increased with the enhancement of the investor protection.