Abstract: Recently, lots of large shareholders have injected the stripping assets to the listed companies which they controlled, the author analyzes the relationships between large shareholders’ asset injection and company performances including integration of industrial chain and tunneling, and empirically tests economic consequences of asset injection. It is found that long-term market performance of assets injection is poor, purchasing & holding abnormal return in one year after asset injection is negative and continues to decline. The findings indicate that large shareholders may inject inferior assets or inflate the value of injected assets. In addition, long-term market performance is associated with the type of asset injection, long-term market performance of injecting related assets is better than the one of injecting unrelated assets, because injecting related assets can improve industrial chain of listed companies.

摘要： 近年来大股东纷纷将所属场外资产注入其控股的上市公司，文章从产业链整合与利益侵占两个角度分析了大股东资产注入的动机及影响，并实证检验大股东资产注入的经济后果，发现：资产注入后上市公司的长期市场业绩出现下滑，投资者在资产注入后购买上市公司股票并持有1年以上将会遭受损失，该结果支持大股东资产注入的利益侵占动机。另外，发现注入资产类型直接影响上市公司的长期业绩表现，注入相关资产的长期业绩好于注入非相关资产，支持相关资产注入的产业链整合动机。