Empirical Research On The Performance Of Listed Companies Of The Control Right Transfer M&A

Along with the unceasing consummation and the development of the capital mar -ket in our country, our country's merger and acquisition activity(M&A) is also frequent day by day. M&A often can cause the enterprise control right transfer behavior.The change of control right not only affects the stock right's change,what's more important is that , after stock right transfers, such behavior just as the replacement of assets or opposite-direction M&A may be accompanied with that change,even lead to the foundation change of a listed company of host job or assets .Therefore the research on the performance of listed companies whose controlling right have transfered has the significant practical significance.This thesis made the empirical research on the control right transfer M&A of the listed companies in our country from the financial achievements angle. Firstly,this thesis carried on the summary to the M&A related concepts and the theories.In this part, we introduced the concepts and the applying in the culture of the control right transfer and the M&A performance as well as the M&A; we made the classification on the types of M&A by diversity standard ; we also made an appraise on the empirical methods- event studies method and financial targets method, by analysing, we choosed financial targets method. Secondly, we established the achievement appraisal target system and the demonstration research model-factor analysis model, to review the achievement influence of the control right transfer M&A of the listed companies in our country. In the sample choice, we mainly selected the control right transfer M&A activities of the target listed companies in shanghai and shenzhen cities in 2005. The achievement appraisal target system concluded the 7 financial targets.In the research, we has carried on the total samples as the overall analysis, as well as the classified analysis by different standards.These standards are: the different transfer ways (compensated transfer and free transfer), the different main bodies (state shares, state-owned legal person stock and social legal person stock) , the different M&A types (crosswise, longitudinal, mix merger and acquisition) and whether the M&A is connection activity. Finally conbined with the conclusions and the situation of the listed companies in our country, we made some suggestions. This thesis got the main research conclusions as follows.The M&A achievements influences are different under the different transfer ways.The M&A achievements influences are different under the different main bodies.The M&A achievements influences are also different under the different types of M&A activities;each kind of types of M&A presents different change tendency in various times.The connection M&A and the non-connection M&A are not same to the achievements influence. In order to enhance the performance of M&A,the listed companies should choose the right M&A tactics and reinforce the enterprise conformity after M&A.And the government should provide better environment by establishing fair M&A market and making the law perfect as well as accelerating the the marketplace intermediary organ.