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已有关于股权分置改革的研究主要集中在股改对公司治理体制的影响及对公司产生的短期效应上,缺乏股改对公司治理绩效的历时性影响研究。本文通过选取在旅游行业具有代表性的黄山旅游发展股份有限公司10年的数据(其在2005年末宣布股改方案)作为样本,对股改带来的公司治理绩效影响进行历时性研究,以此来验证股改对公司治理绩效的长期影响。首先对黄山旅游上市公司股改前后的产权结构进行了分析对比,然后通过财务指标分析该公司的绩效,采用SPSS软件对股改前后公司的成交量和成交总额进行方差分析,得出股权分置改革与该公司股票的成交量和成交总额呈现出明显相关性的结论,最终发现股改后公司的产权结构更加优化、公司绩效得到改善,并且明显影响到股票的市场表现,进而验证了股改对公司治理绩效产生了较长期的正影响。
Research on the non-tradable share reform has focused on the impact of share reform on the corporate governance system and short-term effects on the company, and lacks the diachronic impact of share reform on corporate governance performance. In this paper, by selecting the representative data of Huangshan Tourism Development Co., Ltd. in the tourism industry for 10 years (the plan of share reform announced in late 2005) as a sample, the paper studies on the impact of share reform on corporate governance performance over time to verify Long - term Effects of Share Reform on Corporate Governance Performance. First of all, this paper analyzes and contrasts the property right structure of the listed companies in Huangshan before and after the shareholding reform, and then analyzes the performance of the company through the financial indicators. Using the SPSS software to analyze the variance of the company’s trading volume and total turnover before and after the share reform, The conclusion of the correlation between the turnover of the company’s stock and the total turnover shows that the property rights structure of the company is more optimized after the share reform and the performance of the company is improved and the market performance of the stock is obviously affected. Produced a longer-term positive impact.