作　　者： ; ; ;

机构地区： 中山大学管理学院

出　　处： 《会计研究》 2010年第2期47-56,共10页

摘　　要： 证券市场监管的效率一直是学术界和实务界所关注的问题。由于上市公司的资产注入可划分为经证监会核准的监管型资产注入以及仅通过公司董事会和股东大会批准就可实施的自愿型资产注入,从而为研究证券市场监管效率问题提供了新的契机。本文以2002-2006年五年间上市公司与其控股股东发生的重大资产注入为样本,实证检验了证券市场监管对资产注入绩效的影响。我们的研究发现监管型资产注入对上市公司的绩效产生了正面的影响,而自愿型资产注入对上市公司绩效的影响则并不显著,证券市场监管发挥了相应的效用。 The securities-market regulation's efficiency has always been concerned by academic and practical departments. Asset injection can be classified as regulated asset injection and voluntary asset injection, it will provide an opportunity to study the securities-market regulation's efficiency. In this paper, we have tested the securities-market regulation's impact on asset injection' performance by using Chinese asset injection samples of 2002-2006, we find that the regulated asset injection has been positively correlated with the listed companies' performance, but the voluntary asset injection has no significant correlation. This result demonstrates that the regulated asset injection really has positive impact on listed companies' performance and the securities-market regulation is effective.

关 键 词： 资产注入 证券市场监管 绩效

领　　域： [经济管理] [经济管理] [经济管理]