Empirical Research On The Relationship Of Corporate Performance And Ways Of Control Right Transferring

Contorl right transferring is a mode of Merger&Acquisition. The relationship of corporate performace and the Contort right transferring has long been a important field of economics. In the homeland, the research of Contort right transferring is comparatively late , and the various studies were focus on the relationship of corporate performace and the Contort right transferring from the viewpoint of empirical research., so there is no systematic theory of Contort right transferring. Because of inherent system, our public listed companies had some characters that didn't existed in the developed marketplaces, such as the Ways of Control Right Transfer including of transferors-with-compensation and free-transfer. And it has important theory meaning for the improving and perfecting the Contorl right transferring theory to have study of the Ways of Control Right Transfer. This thesis took the research on the relationship of corporate performace and both contorl right transferring and ways of its from the aspects of empirical research and theory models. In the empirical research, based on the study of such financial index of the sample firms which were listed both in Shanghai and Shenzhen Stock Exchange in the year of 2000, the paper gives an assessment of the periodical achievement of these firms from 1999 to 2005 by means of factor analysis, which indicated the corporate performace only in different ways of contort right transferring , also in the control right transferring occurred. This thesis also used the theory models to explain the relationship of these ones.Both empirical research and theory models indicated that profit of most firms is on a rise during the first year after the transfer, which is available both in the transferors-with-compensation and free-transfer ones. However, the former has an obvious improvement. We may note that both of the firms will encounter a decline one year later ,which is slower in the acquired firms. From an overall perspective, the achivement of the transferors-with-compensation is better than the free-transfer ones.