An Empirical Study On The Performance Of Companies Whose State Controlling Stockholders Have Been Changed

At present, the state-owned stocks are not circulative. This kind of state leads to the fact that there are major defects in respects such as managing, the security market and resource distribution of companies, so how to solve the problem is a question with realistic significance. This paper tries to find out the best mode of the alteration of the state controlling stockholder through positive research. This paper combing the standardization analysis and the empirical study, this paper selects alteration of the state controlling stockholder events of china-listed companies in happened in 2001, and analyzes their impacts on corporate financial performance through factor analysis. By analyzing factors and building up integrated-point-function model, it makes comparison of the inclination of change of the listed company's purpose before and after alteration of the controlling stockholder (year 2000, 2001, 2002, 2003) and gets some conclusions. The events are classified into several groups according to characteristic of the new stockholder, transfer mode and subject matter. Studying through dividing into groups, our study leads to the following results: From 2000 to 2003, those companies whose controlling stockholders have become private companies play positive role. As an addition to this research, our study also analyzes the behavior of the companies controlled by private companies, We found these companies have advantage in profitability, debt paying ability, growth ability, assets managerial ability and so on. The second conclusion is that those alterations of the controlling stockholder events completed by contracts play positive roles, but the alterations of the controlling stockholder events not completed by contracts play negative roles. The third conclusion is that there is no remarkable difference to the companies between transferring state-run corporate shares and state shares.Our study mainly analyzes to which extent the government influences the alteration of the controlling stockholder purpose of the listed company and analyzes the executives' behaviors during the alteration of the controlling stockholder of the listed company. As an addition to this, our study also analyzes the idea of trade. From what have been discussed above, our study explains the reason why the private companies have successfully controlled the state-owned companies. Our study searches for the reason why the alteration of the controlling stockholder has been completed by contracts successfully, based on the theory of marketization. Our study put forward concrete suggestions on alteration of the controlling stockholder from state stockholder to private stockholder in different economic fields and improves the transfer way of the alteration of the state-owned controlling stockholder.