中文摘要：

以股权分置改革后已完成大股东资产注入的上市公司为样本,通过统计大股东资产注入前后上市公司与大股东之间关联交易的变化以及资产注入前后上市公司经营业绩的变化来检验大股东资产注入的产业链整合效应,研究发现： 大股东注入的资产大多与上市公司产业相关,相比资产注入前一年,资产注入后一年上市公司与大股东之间的关联交易量以及非公允关联交易量均显著下降,并且上市公司各项经营业绩指标也均比资产注入前一年有所上升,表明大股东资产注入降低了上市公司与大股东之间的关联交易,改善了上市公司经营业绩,具有积极的产业链整合效应。

英文摘要：

At the beginning of establishing securities market,many companies took assets stripping and segmental listing,which has made large assets related to the listed companies remain in their parent companies,cut off the chains between listed companies and large shareholders,and bring a lot of problems.Dealing with defects of segmental listing,large shareholders＇ asset injection is good for perfecting the listed companies＇ industrial chain.Empirical study shows that injected assets are most related to the areas of listed companies,comparing with the year before asset injection,both related transaction and non-fair related transaction volume between large shareholders and listed company drop significantly one year after asset injection,and all financial performance indexes increase after asset injection than before,which verifies the positive effect of industrial chain integration of large shareholders＇ asset injection on the whole.