Research On Performance With Control Right Transferring In Chinese Listed Companies

Merger and acquisition in the west has a history of over one hundred years. Merger and acquisition market has been very mature. October1993Shenbaoan takeover YanZhong industry started the prelude of merger and acquisition, Since then to1996enterprise merger and acquisition in our country certainly began, recent years merger and acquisition in our country is increasingly frequent. The transferring of the listed company’s controlling right is the main way of merger and acquisition, so with the increase of merger, the controlling right transfer also will increased and the way of controlling right transfer also will enrich gradually. Especially on September4,2005the issue of "the listed company equity division reform management method ", control market in our country will become more mature. Therefore, more and more scholars begin to pay close attention to the research of the controlling right transfer.With all kinds of policies and regulations promulgated, implemented and improved, also with the proceeding of China’s securities market equity division reform, More and more companies hope to use this way to optimize the structure of company treatment and To improve the performance of the company. The present study shows that the performance of company after transferred can’t get continuous improvement. But control of transfer events in China’s capital market still occur frequently. As the issuance of equity division reform measures, securities market is about to enter the full circulation age. We can expect that the controlling transfer market in China will get further development. The research of the controlling transfer from2005to2008which is the period of equity division reform,will give some guidance to the listed companies in China which will take on controlling right transferred. So the thesis think the research for the listed company’s performance of this period which controlling right was transferred is more practical and guiding significance.This thesis expounds the theory and empirical studies, the research object of this thesis is which listed company controlling right transferred from2005to2008and through the equity transfer and also the actual controller must changed. The purpose is to test if the control transfer of this period can improve a company’s performance and also testing after control transferred, if executives changed can improve a company’s performance. So to have an objective understanding of the transfer market in our country in this period.First this thesis expounds the previous research of the controlling right transfer. Then analyzes the development course and the present situation of the controlling right transfer market in our country. And then, use the101listed companies in China which corralling right transferred from2005to2008and corralling right transferred through the equity transfer mode as the research sample. Use the factor analysis to analyze the performance of the company before and after controlling transferred, on that basis, use independent T test sample to test the performance of the executive changed and executive not changed sample. This thesis theory and empirical analysis results show that:after transferring control over the listed company, the company performance rise significant in a short-term. In addition, executive changed to improve the company’s performance is not significant, and executive changed company’s performance improvement is not better than executive not change. Finally, according to the result of the research in the transfer market in our country, puts forward policy Suggestions and further research direction.