我国上市公司控制权转移绩效研究

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浙江财经学院硕士学位论文

摘要

2005年4月29日，股权分置改革正式拉开序幕，到目前大部分的上市公司都已经

实施股改，随着股权分置改革的完成以及公司法与证券法的修订完成，可以预见不

久的未来，当非流通股可以全部流通，非流通股和流通股之间的隔膜被彻底打破，

将会形成一个有效的定价标准统一的公司控制权市场。

公司控制权问题是公司发展中的决定性因素，也是现代公司治理结构的一个核

心问题。我国上市公司的控制权市场只有二十多年的发展历史，每年都有大量的上

市公司进行并购重组。而我国的证券市场在其制度设计初就奠定了其特殊性，与西

方国家成熟资本市场的制度基础差别很大。股权分置和高度集中的特征决定了我国

上市公司控制权转移主要是通过股权协议转让的方式，与西方国家主要通过二级市

场要约收购的方式差异很大。而在股改期间，由于对股改存在着预期，笔者认为在

此期间发生的控制权转移是我国到目前为止最接近市场条件的。因为，过去的控制

权转移由于近三分之二的非流通股的存在，其转让价格大都以每股净值作为基础稍

微调高一些来定价，而当存在股改预期之后，人们都知道在一段可预见的时期内，

采用一定的对价比例之后，非流通股就可以转换成流通股。此时再采用每股净值来

定价显然是市场所不能接受的。所以，在此期间发生的控制权转移的定价将会采取

最接近市场化条件下的定价。而针对此期间的控制权转移事件进行研究才能反映出

我国控制权市场真正的价值和意义。因此，借鉴吸收西方的公司控制权市场理论和

方法来研究我国股权分置改革背景下的控制权市场极其重要和必要。

本文对国内外的控制权市场的理论和实证研究进行了梳理，吸收了其中适合我

国控制权市场的成果。在此基础上，对我国控制权市场的基本现状进行了介绍分析，

并从我国证券市场股权分置改革的背景出发，对我国上市公司控制权市场在股改前

后的特征和作用机制进行分析。之后，笔者将对我国股改期间的上市公司控制权市

场的绩效进行实证研究。实证研究的结论表明2005－2006年期间我国上市公司控制

权转移绩效有显著提高，究其原因是股权分置改革将使非流通股获得流通，尽管改

革还未完全完成，但是人们对股改的预期是乐观的，预期股改完成后，中国的资本

市场将逐步形成一个有效率的完善的市场。而且在控制权转移事件中，收购方为非

浙江财经学院硕士学位论文

国有控股的比国有控股的绩效要好。理论与实证的研究均表明了我国上市公司控制

权市场在股改的敏感期是有效率的，股改将有利于对我国控制权市场的发展。

关键词：公司控制权市场；股权分置改革；事件研究法；超额累计收益率

浙江财经学院硕士学位论文

III

ABSTRACT

On April 29, 2005, the share-trading reform officially began, the current majority of

the listed companies have implemented the Share-trading Reform, with the

accomplishment of the reform and the completion of the Company Law and Securities

Act, it can be forecasted that it will form an effective unified pricing standards of the

corporate control market in near future, when all of the non-circulation shares can flow

and the separation between shares and non-circulation shares was completely broken.

Corporate control is the decisive factor in the company development and a core of

the modern corporate governance structure. There is only more than 20 years history of

China's listed companies control market, every year a large number of listed companies

merger and reorganize. Moreover, China's securities market is different from the Western

countries mature capital market in its early design of the system. The characters of

non-circulation shares and the high concentration decide that the way of China's listed

corporate control transfer is primarily through Equity transfer agreement, it is very

different from tender offer in the secondary market in the Western capital market. In

share-trading reform period, these non-circulation shares are expected to be reformed

soon, I believe that during this period the control transfer in our country so far is the

nearest market conditions. Due to the existence of nearly two-thirds of the non-circulation

shares, most control transfer price are based on the net assets per share in the past, and

when there is expected to the share-trading reform, people know the non-circulation

shares can be converted into tradable shares within a foreseeable period, after using

certain proportion of the price . At this time the price (The net assets per share) is clearly

unacceptable and the price will be taken to the nearest market price. Therefore, the study

on the control transfer during the reform will reflect real value and significance of control

market in China. It is extremely important and necessary to study corporate control

market in the context of China's share-trading reform based on theory and method of the

Western corporate control market research.

浙江财经学院硕士学位论文

This paper reviews the theoretical and empirical research in the western countries

and China. Then, it absorbs those applicable theory and method to study corporate control

market in China. Next, it introduces the situation of China's stock market, especially

analyses the characteristics of the China’s listed corporate control market before the

reform and the changes after the reform. After that, the author makes an empirical study

on the performance of China's corporate control market through the listed control right

transfer event during the period of 2005-2006. The results achieved are as follow: firstly,

the China’s listed corporate control transfer increase significantly the performance of the

target company. Secondly, the share-trading reform will increase observably the

performance of the company, because the investors expect that the capital market will

gradually form an efficient perfect market after the reform. Thirdly, the performance of

the non-state-owned acquisition is better than the one of state-owned. Therefore,

theoretical and empirical studies show that the performance of China's listed corporate

control transfer in the sensitive period is efficient and the reform will be beneficial to the

development of the China's corporate control market.

Keywords: corporate control market；non-trading shares reform；event study；

CAR (Cumulative Abnormal Return)

浙江财经学院硕士学位论文

第一章导论·················································································································· 1

第一节选题背景与意义 ················································································ 1

第二节国内外相关文献研究综述································································· 1

第三节本文的研究方法、结构安排与创新点 ··········································· 12

第四节核心概念的界定和说明··································································· 13

第二章我国公司控制权转移绩效的理论分析························································· 16

第一节公司控制权转移驱动因素分析······················································· 16

第二节我国上市公司控制权转移绩效分析 ··············································· 17

第三节股权分置改革对我国上市公司控制权市场影响分析···················· 19

第四节收购方不同股权性质对控制权转移绩效的影响分析···················· 25

第三章我国上市公司控制权转移绩效的实证研究 ················································· 27

第一节实证研究方法介绍··········································································· 27

第二节实证结果及其分析··········································································· 32

第四章研究结论和政策建议 ···················································································· 38

第一节研究结论 ·························································································· 38

第二节政策建议 ·························································································· 39

第三节不足与展望 ······················································································ 41

参考文献······················································································································ 42

附录一·························································································································· 46

附录二·························································································································· 47

致谢······························································································································ 48

浙江财经学院硕士学位论文

第一章导论

第一节选题背景与意义

自从亚当斯密对股份制公司的运作绩效表示怀疑以来，Berle & Means(1932)

的“所有权与控制权相分离”的理论更加加剧了这种担心，直到 Manne(1965)首次

提出公司控制权市场在解决“大公司所谓的所有权和控制权相分离的意义也许更

大”时，才多少缓解了人们的疑虑，但在此后的几十年里，关于公司控制权市场

绩效的讨论，却始终没有取得十分一致的结论。

在中国，公司控制权市场的概念则更属于一个新兴的领域，虽然这一领域已

经开始在经济生活中发挥越来越重要的作用，但问题也是越来越突出。而理论界

的研究大部分成果还仅仅停留在对国外公司控制权市场理论和方法的引进和介绍

阶段，这些成果大多是些零星的实证研究，缺乏系统性和严谨性，而且很少触及

现象之后的本质，更是缺乏将现有理论与中国实际相结合的深入研究。另外，由

于中国股权割裂的独特现象导致大多数的学者的研究都没有针对市场化条件下的

控制权市场进行研究，而是不加区别的把各种兼并收购事件混在一起研究。

因此，笔者认为尽管控制权市场理论在西方已经比较成熟，但也要结合中国

特有的市场环境，从理论上剖析其作用机理，从实践上论证其市场绩效，从而在

国内特定的环境条件下，丰富和完善公司控制权市场理论，寻找中国公司控制权

市场的健康发展之路，是十分必要和迫切的。尤其是在中国资本市场存在股权差

异的特色，以及在股权分置改革解除之时，这种理论与实践相结合的研究就更具

有独特的现实意义。

第二节国内外相关文献研究综述

关于控制权转移对公司绩效影响的文献，包括理论研究与实证研究两个方面。

就理论而言，国外研究已经比较成熟，并已形成多个理论分支。而目前国内，正

处于对国外成果的借鉴和应用上。由于国内外环境的差异，实证检验结果则相应

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摘要：

浙江财经学院硕士学位论文I摘要2005年4月29日，股权分置改革正式拉开序幕，到目前大部分的上市公司都已经实施股改，随着股权分置改革的完成以及公司法与证券法的修订完成，可以预见不久的未来，当非流通股可以全部流通，非流通股和流通股之间的隔膜被彻底打破，将会形成一个有效的定价标准统一的公司控制权市场。公司控制权问题是公司发展中的决定性因素，也是现代公司治理结构的一个核心问题。我国上市公司的控制权市场只有二十多年的发展历史，每年都有大量的上市公司进行并购重组。而我国的证券市场在其制度设计初就奠定了其特殊性，与西方国家成熟资本市场的制度基础差别很大。股权分置和高度集中的特征决定了我国上市公司控制权转移...

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