Asset sales, asset exchanges, and shareholder wealth in China
Asset sales, asset exchanges, and shareholder wealth in China
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中国的资产出售、资产交换和股东财富
DOI：
10.1016/j.rdf.2012.01.002
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发表时间：
2012
影响因子：
0.6
通讯作者：
K. C. Chen
中科院分区：
文献类型：
--
作者：
Weiting Huang;K. C. Chen
本文以 1998 年至 2006 年间中国 1376 家企业资产出售和 250 家资产交换为样本进行研究。我们发现，中国企业资产出售提高了企业价值，公告前 5 天的累计超额回报（CAR）为 0.46%，这与英国和美国发现的证据一致。车的 1.32%具有统计显着性。我们还发现，剥离资产的收益与以托宾平方比率衡量的管理绩效以及出售或交换资产的相对规模呈正相关。与管理不善（低 q）的公司相比，管理良好（高 q）的公司更有可能以价值最大化的方式出售或交换资产。此外，资产出售者的收益与增强企业专注度无关，但通过交换核心资产来提高企业专注度可以提高公司价值。
In this paper, we study a sample of 1376 corporate asset sales and 250 asset exchanges in China between 1998 and 2006. We find that corporate asset sales in China enhance firm value with a cumulative abnormal return (CAR) of 0.46% for the pre-announcement five-day period, which is consistent with the evidence discovered in both U.K. and U.S. For companies that exchanged assets during the sample period, the pre-announcement five-day CAR of 1.32% is statistically significant. We also discover that gains from divesting assets are positively related to managerial performance measured by Tobin'sqratio and the relative size of the asset sold or exchanged. Well-managed (high-q) companies are more likely to sell or exchange assets in a value-maximizing fashion than poorly managed (low-q) companies. Furthermore, asset-seller gains are not related to enhancing corporate focus, but improving corporate focus by exchanging for core assets enhances firm value.