An Empirical Study On The Performance Of Transfer Of Stock Rights And Influencing Factors Of Listed Companies In China

Corporate restructuring is so important that it is not only the coreof corporation’s capital operations but also the focus of securitymarket’s theory and practice. Transfer of Stock Rights is one importantway of Corporate restructuring of Listed Companies, whether domestic orforeign, the number and size of the transfer of stock rights are testedsustained growth in recent years. Transfer of Stock Rights as one ofimportant ways of Corporate restructuring, must have its owncharacteristics different from the corporate restructuring and adapt tothe environment, companies may consider more than before how toenterprises competitiveness through the way of transfer of stock rights,to ensure the purpose of the sustained and healthy development of thebusiness. Besides, for the equity after the restructuring of state-ownedenterprises, the reason of the transfer of stock rights may be have thespecificity. Such as the real reason of transfer of stock rights? Wouldlike to achieve the purpose of earnings management in this way. Or to theneeds of corporate strategies. Another example, how is the performanceof transfer of stock rights of China’s listed companies at present?Listed companies whether can obtain benefits from the transfer of stockrights? Long-term operating performance of listed companies whether canbe improved? And so on. These questions are worthy to be studied. It ismeaningful to effectively evaluate the operating performance of transferof stock rights, find out main factors which affect it and take measuresto improve the operating performance of transfer of stock rights forChinese listed companies.After reviewing the research fruits of the domestic and theinternational, the thesis analyzes the operating performance of Chineselisted companies and its influencing factors through principal componentanalysis method and multiple regression analysis method. The main conclusions are drawn as follows: Transfer of stock rights have littleeffect on improvement of listed companies’ performance. Company size、the chairman’s change and corporate holdings have significant positiveeffects on the operating performance of transfer of stock rights.Affiliate transaction have little negative effects on the operatingperformance of transfer of stock rights.Finally, according to the conclusion, the paper gives somesuggestions to improve the transfer of stock rights performance of listedcompanies, and to give reference for the decision-maker of the listedcompanies and the supervision department.