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本文从注资交易特征的角度研究了控股股东注资行为对上市公司绩效的影响。结论显示:控股股东的注资行为对上市公司的盈利能力具有短期效应,并且能提高公司的运营效率。但它不能改善公司的管理能力,同样也不能提高公司的科研创新能力和公司的成长性。进一步分析发现,影响公司盈利能力的注资交易特征主要是控股股东的持股比例和注入资产的类
This paper studies the impact of capital injection by controlling shareholders on the performance of listed companies from the perspective of capital injection transaction characteristics. The conclusion shows that the capital injection of controlling shareholders has a short-term effect on the profitability of listed companies and can improve the operating efficiency of the company. But it does not improve the company’s management capabilities, it also does not improve the company’s research and innovation capabilities and the company’s growth. Further analysis found that the characteristics of capital injection transactions that affect the profitability of the Company are mainly the proportion of controlling shareholders holding shares and the type of assets injected