Empirical Study On The Effect Of Transferences Of Corporate Control To The Performance Of Listed Companies

In mature market of corporate control in Western developed countries, the transference of listed companies is an important mechanism to constraint management and improve corporate governance, through asset restructuring or management replacement to reduce agency costs and finally improve corporate performance. Although China's stock market established only 20 years, but the activities of transfering control of listed companies become increasingly frequently, which not only cause widespread concern in the market, but also stimulate the interest of national academic circles.Therefore, in this context, It is practical significance that we research corporate performance affected by the activities of the transference of control in the listed company .As the domestic study on transference of control has been largely attributed to acquisition of the study, so domestic research on transference of corporate control is relatively small. Based on a sample of 208 listed companies whose control change between 2000 and 2005 in china, combining foreign classic control transfer theory and the feature of control market in china, by using the mean paired T test and multiple regression analysis method, this thesis study on corporate performance affected by the activity transferring corporate control and factors influencing performance of these listed companies. the result show that activities which transfering control of listed companies in China help improve corporate performance, but also in the improvement of profitability. And the major factors influencing performance of listed companies whose control change include: the acquirer's Equity property,industry changes,management change,Asset restructuring with the new first shareholder. And further separately regression on the samples of the private buyer and the state-owned buyer show that: performance improvement of the private buyer sample comes mainly from industry change and asset replacement, while performance improvement of the state-owned buyer sample comes mainly from the complete replacement of the management and asset replacement...