The Research On The Influence Of Control Transfer On The Corporate Performance Of Listed Companies

Corporate control market is an important part of external mechanisms of corporate governance and plays an important role in raising the level of company management and reduce agency costs. In China, with transfer of shares of listed companies and the resulting transfer of control derived phenomenon of increasing control of listed companies in China market is gradually exposed more and more problems. In this case, whether the transfer of control to improve corporate governance and performance, control whether the market can play its own function. These are the theoretical and practical issues of concern to industry in general.Firstly, the transfer of control of the company research status, and related theories are briefly reviewed. Then, the transfer of control of listed companies in the background and characteristics of the system were analyzed. Although the country by the split share structure reform, but the corporate governance of listed companies in China have not improved the environment, even if the control is transferred, still exist "dominance" and "internal control" issue. Finally, we selected the transfer of control occurred in 2006-2007, the 84 listed companies as samples, follow-up study of the transfer of control of listed companies in the previous year, two years after the current year and the changes in operating performance. We reflect the six areas of business performance as an indicator of the selected for analysis. Found that transfer control of a single index is not consistent. For a comprehensive analysis of the transfer of control of the company's performance, we used factor analysis to calculate the transfer of control of the operating performance of listed companies in the composite score, a comparative study. Empirical analysis, control, transfer of the year and more than one year after the transfer of control of the improved performance of the previous year, and two years after the transfer of control, corporate performance began to decline. This shows that in China, control is transferred can only be short term to improve corporate performance, rather than fundamentally continued to improve the performance of listed companies in China. Analysis for the above conclusions and Control in China market, we listed companies to establish and improve their own governance and control over the market-related laws and regulations put forward countermeasures and suggestions.