金融危机以来,公司的资产剥离活动日益频繁,但对于剥离交易中利益输送问题的研究仍处于起步阶段。本文通过对航天机电剥离神舟硅业的案例进行分析,发现公司通过向控股股东上航工业溢价出售亏损资产获取剥离收益,扭亏为盈,剥离交易的累计超额收益率(CAR)和购买持有超额收益率(BHAR)均为正,提升了公司价值,为股东创造了价值。因此,笔者认为这一资产剥离交易是行业低谷时大股东对其的“支撑”行为。 Since the financial crisis, the company’s asset divestment activities have been increasingly frequent, but research on the issue of interest transfer in the divestiture transaction is still in its infancy. This article analyzes the case of aerospace stripping Shenzhou Silicon Industry and finds that the Company obtains the divestiture gain, turnaround from profit, divest the accumulated excess return rate (CAR) of the transaction and the excess return Rate (BHAR) are both positive, boosting corporate value and creating value for shareholders. Therefore, I believe that this divestiture of assets is the “support ” behavior of major shareholders in the trough of the industry.