Research On The Performance Of State-owned Listed Companies Of The Control Right Transfer

Along with the development of control right market in China,more and more companies hope to optimize their governance structure and improve operating performance by transfer of control right which is one,of assets reorganization.Recent researches indicate that operating performance can't be improved continuously after Control right have been transferred.But there are increasing events of control right transfer in China's capital market.With the drastic finish of stock non-tradability reform,stocks come into the time of compiete circulation,and control right market will develop largely:Therefore,:this thesis think that it is a practical significance to make theoretical and empirical research on the operating performance and its influence,factors of operating performance of listed companies which transfer their control right.This thesis focuses on the control right transfer events of state-owned listed companies, and took the changed controllers from 2004 to 2005 as research sample.Based on in-depth study on plenty of former literature at home and abroad,I beginto make research,Firstly,I do describable statistical analysis to the control right transfer's motivation and status quo.Secondly,I do empirical research on the financial data about Control right transfer from 2003 to 2006 by factor analysis.Thirdly,I use linear regression to find some influential factors of companies' operating performance after control right transferred.The main contribution of this dissertation are:(1) Through comparing average scores of operating performance from a year before Control right transferred to two years after transferred,I found that scores,had a decline trend after,an initial ascent.(2)Influential factors for improving operating performance:controlling shareholders' control situation, premium rate of eontrol right transfer,the change of surplus management,chairman of the board and general manager change,assets replacement after transferred.But transfer mode of control,right and the change of controlling shareholders' character didn't affect the change of operating performance.