中文摘要：

基于财务数据法和长期持有超额收益法，本文研究了控制权转移企业的长期绩效以及影响长期持有收益的因素。实证结果表明：从长期来看，上市公司控制权转移并没有给企业绩效带来显著的改善。同时，控制权比例和行业属性对控制权转移企业长期持有超额收益率具有显著影响；相对于企业价值而言，控制权转移时机和资产整合更为重要。

英文摘要：

Referring to the method of financial data and method of long-term excessive holding gains, this paper studies the long-term performance of corporate control right transfer and the influence factors of long-term holding gains. Our empirical results indicate that the long-term performance of listed firms has not been improved after the control right transferred. Corporate control right ratio and industry attribute influence significantly to the long-term holding gains of corporate control right transfer. Compared to firm value, the timing of control right transfer and asset reconstruction are more important.