The Research Of The Relationship Between Large Shareholders’ Asset Injection And The Listed Companies’ Performance In Terms Of The Ultimate Property

At the beginning of the stock market in China,many companies took spin-off listing which has made many industry chains separated from their parent companies artificially. This state has brought a lot of obstacles for the development of the companies. After reforming the shareholder structure of listed companies,the capital market has entered the period of entire circulation,Many large shareholders inject stripping assets into the listed company. Asset injection can affect the performance of the listed companies. On the one hand,large shareholders inject assets with high quality for the purpose of propping. On the other hand,large shareholders inject assets with low quality for tunneling. Therefore,studying the influences of large stockholders’ asset injection on the performance of the listed companies has important significances to further understand assets injection and regulate this behavior.From the perspective of the ultimate property right,listed companies in China can be divided into state-owned enterprises and private enterprises. Ultimate property is introduced into the research of the relationship between asset injection and the listed companies’ performance. In this paper,we study whether the effect of asset injection on corporate performance between the state-owned enterprises and private enterprise is different significantly.In this paper,A-share listed companies that have buyout assets injection in Shanghai stock exchange are chosen as the samples during January 1, 2010 to December 31, 2012.After being filtered,128 samples are remained. The data are from 2009 to 2013.We select the company’s ROE as the proxy variable of the long-term performance of listed companies,CAR value as the proxy variable of short-term performance,the size of the injected assets and the ultimate controller as independent variables,the factors that may affect the performance of companies as control variables. The empirical researches are conducted through descriptive statistics, Pearson correlation analysis,T test and multiple regression.Finally,through a series of statistical tests,research hypotheses are verified in different extent. First,in the short term,asset injection indeed have good influences on the performance of listed companies. That is to say,the asset injection can cause the stock price fluctuations and bring abnormal returns which are positively related to the size of the injected assets. The greater the size of injected asset is,the higher the CAR value will be. Second,In the long run,the large shareholders’ asset injection also have positive influences on the performance of the company,but the results are not enough statistically significant. Third,Considering the ultimate property right,the long-term and short-term influences on the corporate performance of the large shareholders’ asset injection in state-owned enterprises are less than private enterprises.