Research On M&A Performance In The View Of Transaction Of The Controlling Stockholder In Listed Companies

M&A of listed companies has long been the focus in many countries. Whethercan effectively improve the performance of listed companies has drawn great attention both in the foreign and domestic academia. Nowadays there have been a large amount of theoretical and empirical studies on M&A performance. However, comprehensively, there is great uncertainty concerning value effect of the M&A. Such factors as the reform of separated stock right, the consummation of related M&A laws and regulations, increasing number of listed companies and the need for development of Chinese listed companies have created prerequisites for the listed companies to do M&A. We can expect that M&A of listed companies in China will constantly emerge in the future. In this context, it is of great importance to consider the effects of M&A and its performance for our listed companies.The company domination is the core question of the theory of company governs and practices. In these years, there are more and more empirical research papers in the theory of M&A of listed companies. But not many papers distinguish the share of the controlling stockholder, and the conclusions are not uniform. It is more and more important for a listing company to change controlling stockholder efficiency. This paper is an empirical study of the changes of the controlling stockholders on the performance. This paper tries to find out the best mode of the alternation of the controlling stockholder through the positive research.This paper selects the transaction of the controlling stockholder events of china-listed company in happened 2003 to analyze their impacts on corporate financial performance, by combining the standardization analysis with the empirical study. The studies concluded that M&A of listed companies obviously affects the value effect of listed companies in the early time but it has not obvious long-term effects. By analyzing the value effects of various types of M&A,we can conclude that longitudinal M&A cannot obviously promotes the value effect of listed companies but transverse M&A can obviously promotes it.As a conclusion, this paper proposes the policies and suggestions of value effect of listed companies by combining the analysis of the results of empirical analysis with the problems occurring in the process of M&A.