The Performance Study Of Control Right Transfer Based On Family Enterprises

Until now, Family enterprise has been developing for three or four decades in China, the entrepreneurs faced to hitherto unknown opportunities for the tide of reform and opening up, Nowadays, the older generation of entrepreneurs is going to the second line, Corporate control right transfer has become the key factor of whether the hard life of hard foundation keep evergreen. In recent years, the research of family business has been paid more and more attention, Compared the development of the family enterprise reality, the theory appears to be a little of lag. As for the study of the control right transfer performance, although the foreign countries have already had a large number of empirical academic works, Compared with China, Western countries have different national conditions and market environment, the conclusion has reference significance only, and cannot be applied mechanically.This research starts from the national situation and reality of our family enterprise, shows two kinds of transfer model---control hereditary system and control share system. through the study of control right transferred family enterprises, I expect to get the conclusion that which model is more suitable for the development of our family enterprise. Therefore, this paper uses empirical research methods, from the short-term effect and long-term performance two aspects, gives reasonable analysis to corporate control right transfer performance of the family firm. In the short term performance study, the paper gives empirical analysis by the cumulative abnormal return of the market reaction; in the long-term performance study, the paper gives the conclusion by using the factor analysis and the test of significance.Through this research, we conclude that in the short term, because the occupation managers have no better understanding of the enterprise, which causes to the enterprise performance declines, instead, due to the successors'sense of belonging together with the advanced theories of knowledge, which makes the company performance rise in a short step .As the time goes by, their occupation managers will put the advanced management concepts into the enterprise, and the company performance is improved and steadily to the positive developments, however, people who inherit father's assets, due to lack of ability, can't control enterprise better from a long-term perspective, the enterprise performance gradually decline.