An Empirical Analysis Of The State-owned Holding Companies Which Control Is Transferred

Transfer of control, as a major corporate merger, is also an important solutionto reform corporate governance. Transfer of control is basically about differentstakeholders who struggle with each other for the target resource management anddecision-making processing of the company through mutual competition. China’scapital market with its special background determines that the state-controlledlisted companies control transactions with “Chinese characteristics,” which turnsout corporations’ transfers of control tend to be influenced by artificial oradministrative constraint issues that makes it difficult to assess objectively therole of control over the market.Firstly this paper reviews the existing domestic and international transfer ofcontrol and performance of business research, defines the control of state-ownedenterprises, performance and other related concepts, including the theoretical basisand summarized literature review; Analysis of the current status of control overthe market, which describes the evolution of the state-owned holding control oflisted companies and the transfer of control over the transfer of state-ownedenterprise motivation. Then from the transfer of control mode, ownershipstructure, government intervention, such as the impact angle to explore themechanism of transfer of control performance. In order to control the transfer ofstate-owned listed companies with the status analysis of the performance, thearticle selected state-owned listed companies in2008-2009occurred as thetransfer of control samples to build the model for empirical analysis. In thecombination of theory and empirical results acquiredscientific literature on thebasis of this paper, empirical analysis found that, to the whole picture, the transferof control of state-owned enterprise is to enhance the performance of theenterprise which can promote;, but also, we found that the control of state-ownedlisted company transfer of performance improvement does not have long-terminfluence; after transfer of control, companies will generally reduce theconcentration of ownership to make the governance structure of listed state-ownedcompanies advanced, so as to drive to enhance performance. Finally, accordingto the results of empirical testing of influence of transferred control to thecorporate performance and the impact of changes in the way it features,then combine the situation that state-controlled listed companies starting their own business case, to give forward relevant policy advices for our control of themarket environment and government regulation.