本文研究控制权转移前业绩、收购方性质对控制权转移绩效的影响。以1994—2007年中国A股市场发生控制权转移的公司为样本,本文发现:从长期绩效来看,亏损公司控制权转移后,业绩明显上升;盈利公司被转让给无经验的民营收购方后,业绩明显下降,转让给国有收购方和有经验的民营收购方后,业绩没有明显变化。从短期市场反应来看,转让给国有收购方和有经验的民营收购方的市场反应明显优于转让给无经验的民营收购方。 This paper studies the effect of pre-transfer control performance and the nature of the acquirer on the transfer performance of control rights. Take the sample of the company that transferred control of China’s A-share market from 1994 to 2007 as a sample. This paper finds that: from the perspective of long-term performance, the performance of a loss-making company is significantly increased after the transfer of control rights; after a profit company is transferred to an inexperienced private acquirer, The performance has decreased significantly. After transferring to the state-owned acquirer and experienced private acquirer, the performance has not changed significantly. Judging from the short-term market reaction, the market reaction transferred to the state-owned acquirer and the experienced private acquirer is obviously better than that assigned to an inexperienced private acquirer.