The Research On The Model Of The Motivation Of The Asset Restructuring After Control Transfer

The Merger & Acquisition (M&A) of enterprises is one of the initiative elements to know their marketing efficiency in the capital market. Thousands of M&A events have been continually emerging in the recent 10 years, and become more and more popular in Chinese Security Market. The M&A becomes the major means for the domestic enterprises, especially the listed companies, to develop fast. Owing to the complication and variety of M&A and the different perspectives, research methods and samples applied by the researchers home and abroad, no agreement has been reached on whether M&A will be facilitated to improve the operating performance of companies or not.In this dissertation, the basic theories of control transfer and operating performance are introduced first. Then, the motivation and major influential factors of control transfer of companies are analyzed based on the specific system background of control transfer to find out how the control transfer interest transfers. Furthermore, the author studies the samples of 79 listed companies that have experienced control transfers in A-share market in Shanghai and Shenzhen from the year of 2003. An empirical study is conducted to analyze the changes of operating performances before and after control transfers through the factor analysis method, and an econometrical model is established based on the analysis to do a multiple linear regression and logistic regression to further study how the Merger & Acquisition ownership influences the control transfers performance of companies.this paper investigates the sources of performance change after control transfer, the relationship between the post control-transfer performance and the impact of asset restructuring after control transfer, and the goal of the asset restructuring after control transfer. The finding indicates that, the post control-transfer performance only get better in short-term and the long-term performance do not get better. And the traditional control-transfer theory can only explain the performance change induced from control transfer to a certain extent, the performance change mainly results from the asset restructuring after control transfer.