国有与非国有控股上市公司资产重组绩效研究——来自中国A股市场重大资产重组的证据

On the Performance of Assets Restructuring of State-controlled & Non-state-controlled Listed Companies —Evidences from the Major Assets Restructuring in Chinese A-share Markets

摘要: 运用主成份分析法，基于2000～2007 年度的财务数据，实证研究了在2002～2004 年度发生的205 起重大资产重组事件的上市公司在重组前后的绩效变化。实证研究发现，整体来看，重大资产重组对上市公司短期业绩有负面影响，但长期影响为正。从所有权结构来看，国有控股上市公司的重大重组事件对公司的业绩有持续的正面影响，增强了企业的长期绩效水平；而重大重组事件对非国有控股上市公司的绩效表现出持续的负面影响。

Abstract: Using the Principal Components Analysis (PCA), this paper investigates 205 cases covering all major assets restructuring events related to state-controlled and non-state-controlled listed companies from 2002 to 2004 in China's A-share markets. The empirical study shows that overall major assets restructuring has a negative effect on performance in the short run, but a positive effect in the long run. As a whole, the major assets restructuring has a lasting positive impact on state-controlled listed companies, which boosts up the long performance. Contrastively, it has a lasting negative impact on the performance of non-state-controlled listed ones.