Empirical Research On The Performance Of The Transfer Of Control In China's Listed Companies

Recently, with the faster globalization of the world economy, China is getting into a further process of the world economy and state-owned enterprise reformation. Meanwhile, the transfer of control between companies is becoming more and more active. For decades, the development of companies' combination has been rapid and put more and more influence on the economy life of China. With the improvement of China's capital market, the transfer of control of listed companies will be the main tendency of the combination.This article consists of five chapters. Chapter 1 is the preface, which analyses the meaning, method and creative point of the study. Chapter 2 is a summary of the reference, which summarizes the related conditions for both the domestic and international study. Chapter 3 analyses the related theories for the transfer of control. Chapter 4 is an empirical research, which makes analysis on the changing and significance of listed companies' transfer of control by using factor analysis and paired samples test. Chapter 5 is a conclusion.In all, we can come to a conclusion: Comparing the performance before and after of transfer of control by using the factor analysis, we can see that in the first year after transferring, the performance goes down while going up and exceeding that of the first year in the second year. By paired samples test, we know that the transfer of control only improves the performance slightly and no significant change occurs. In the year of transferring and the first year after transferring, the performance is a bit lower than that before transferring. However, there is an obvious difference between the performance in the year of transferring and that before transferring. No obvious difference occurs between the performance in the first year of transferring and that before transferring.