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摘 要
控制权转移作为企业并购中的一种常见方式，同时也是改善公司治理的一个
重要手段。控制权的转移是不同的利益相关者通过相互竞争而争夺目标公司资源
管理权和决策权的过程。我国资本市场特殊的背景决定了国有控股的上市公司的
控制权交易带有“中国特色”，控制权转移往往受到人为或行政因素的制约和干
扰，难以客观的评估控制权市场的作用。

本文首先梳理了国内外现有的控制权转移与企业绩效方面的研究成果，界定
了控制权、国有企业、绩效等相关概念，解析了目前控制权市场的现状，阐述了
国有控股上市公司控制权转移的演进过程及国有企业控制权转移的动因。然后，
从控制权转移方式、股权结构、政府干预等角度探讨了控制权转移影响绩效的机
理。为了对控制权转移与国有上市公司绩效的关系进行深入分析，选取 2008-2009
年发生控制权转移的国有上市公司作为样本进行实证研究，发现：从总体来看，
国有上市公司发生控制权转移对企业绩效的短期提升有促进作用，但对企业绩效
的提升不具有长期的影响；控制权转移后，企业普遍会降低股权集中度，使得国
有上市公司治理结构得到改善，从而带动绩效的提升。最后，依据控制权转移对
企业绩效的影响方式和变化特征，结合国有控股上市公司自身经营情况，对我国
控制权市场环境、政府监管等提出了相关政策建议。

关键词：国有控股上市公司；控制权；企业绩效ABSTRACT
Transfer of control, as a major corporate merger, is also an important solution
to reform corporate governance. Transfer of control is basically about different
stakeholders who struggle with each other for the target resource management and
decision-making processing of the company through mutual competition. China's
capital market with its special background determines that the state-controlled
listed companies control transactions with “Chinese characteristics,” which turns
out corporations’ transfers of control tend to be influenced by artificial or
administrative constraint issues that makes it difficult to assess objectively the
role of control over the market.
Firstly this paper reviews the existing domestic and international transfer of
control and performance of business research, defines the control of state-owned
enterprises, performance and other related concepts, including the theoretical basis
and summarized literature review; Analysis of the current status of control over
the market , which describes the evolution of the state-owned holding control of
listed companies and the transfer of control over the transfer of state-owned
enterprise motivation . Then from the transfer of control mode, ownership
structure, government intervention, such as the impact angle to explore the
mechanism of transfer of control performance. In order to control the transfer of
state-owned listed companies with the status analysis of the performance, the
article selected state-owned listed companies in 2008-2009 occurred as the
transfer of control samples to build the model for empirical analysis. In the
combination of theory and empirical results acquiredscientific literature on the
basis of this paper, empirical analysis found that, to the whole picture, the transfer
of control of state-owned enterprise is to enhance the performance of the
enterprise which can promote;, but also, we found that the control of state-owned
listed company transfer of performance improvement does not have long-term
influence; after transfer of control, companies will generally reduce the
concentration of ownership to make the governance structure of listed state-owned
companies advanced, so as to drive to enhance performance. Finally, according
to the results of empirical testing of influence of transferred control to the
corporate performance and the impact of changes in the way it features,
then combine the situation that state-controlled listed companies starting their