The Efficiency Analysis Of Special Treatment Corporation Domination's Transfer

The company domination is the authority which can influence all the company's business activities, its transfer, materially is to redistribute the domination resources, the evaluation of domination transfer efficiency is mainly reflected by the changes of the company's management achievement, the relation between domination transfer and the company's management achievements has been the core question studied both by the domestic and foreign scholars. the western scholars have done a massive research in this area and have formed quite abundant theory foundation and empirical conclusions. since the domination market was formed quite late in our country, the development of domination market is imcomplete. our country's scholars on the domination transfer of the formation is not related to systems theory, most scholars only from an empirical point of view to verify the the relationship between performance and management.This paper reviews the theoretical part of the domestic and foreign scholars in the aspect of domination transfer efficiency and discovers, whether the domination transfer have enhanced the company's achievement, but the domestic and foreign scholars have not reached the same conclusion. in the research of domination transfer's dynamic factors, different schools of scholars have raised all kinds of theories because of different theory backgrounds, but based on the complexity of the domination transfer, it is very difficult for the single motivation theory to explain the domination transfer comprehensively. ST (Special Treatment) corporation as an unique company in our country, its reflect our country's market systerm is far from perfect. the special condition enables it to become the highlights of our country's domination transfer market,the efficiency of domination shift is a hot issue in the academia and business world.This article focuses on the empirical analysis about the domination transfer efficiency of ST corporation. it selelects ST's financial norms such as, ST's profit ability, credit, capacity, develop power, present situation of assets and so on. and constructs to use factor analysis overall score function, calculating the synthesis score of those years respectively, the second year before the transfer, the first year before the transfer, the very year of the transfer, the first year after the transfer, the second year after the transfer,and the third year after the transfer. comparing the total score to determining the ST before and after the domination transfer of the company's performance status, the conclusions are as follows: (1) the first year before the transfer, ST's worse performance, indicating that ST corporation always won't choose the domination transfer to improve the performancet until it gets the worst; (2) in the transfer year, the imporovement of achievment was not very obvious, but after the domination transfer within a year or two, ST's performance was significantly improved, mainly because it will take some time for the effect of resource integration, and this will need one or two years after the transfer expression; (3)the third year after the transfer, company performance has certain decline, indicating that the domination transfer of ST companies is more focused on short-term efficiency. On the whole, ST transfer of corporate control is efficient, however, there are also some relatively scarce.Finally, the article makes a detailed analysis on the factors which have caused the low efficiey of ST corporation domination transfer in our country, and put forward to some related suggestions on how to improve the efficiency of the ST corporate domination transfer.