Assets Injection of Large Shareholders and Corporate Long-term PerformanceChinese Full Text
LIU Jian-yong;School of Management,China University of Mining and Technology;
Abstract: In recent years,a lot of large shareholders have injected stripping assets into the listed companies under their control. From the two perspectives of integration of the industrial chain and tunneling of interests,this paper analyzes the motivation of the large shareholder’s asset injection and effects on company performance,and empirically tests the economic consequences of the practice. It is found that long-term market performance of companies after assets injection begins to decline. Investors who purchase and hold a company’s shares for a year after asset injection suffer losses. This finding matches the motivation of interest tunneling of the large shareholder. In addition,long-term market performance is correlated with the type of asset injection. It is better when injecting into related assets than unrelated assets,a finding that matches the motivation of integration of industrial chain of listed companies.
Keywords：
assets injection; industrial chain integration; tunneling of interests; market performance;
- DOI：
10.13762/j.cnki.cjlc.2014.11.008
- Series：
- Subject：
- Classification Code：
F275;F276.6
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