The Impact Of E's Control Of The Dispute On Corporate Performance

After the promulgation of the "Measures for the reform of non-tradable shares " in2005,the non-tradable shares converted to the floating shares,and the Measures for the Administration of Acquisition of Listed Companies promulgated by the CSRC in 2006 made it is moderate on the M & A in China's capital market,Which constitute the prerequisite for the development of China's control market.With the completion of the reform of China's share-trading reform and the arrival of the whole circulation era,the continuous improvement of the capital market and the continuous improvement of the quality of the listed companies have led to the gradual formation of the control market.The control of the company has the irreplaceable core position to the modern corporate governance.Therefore,the corporate control market is the important external mechanism of the corporate governance,and making supervision on management of the company through the continuous threat of management to the existing management,in this way,improving company performance.Although the non-tradable share reform has improved the capital market of our country and activated the market of control rights.However,due to the short time of development of control market in China and our country's special national conditions,the market efficiency of our control market is lower than that of foreign countries.This paper analyzes the influence of the control right of the state-owned holding enterprises on the performance of the control of the state-owned enterprises under the background of the reform of China's capital market,To test the effectiveness of the external control mechanism of the state-controlled enterprise control.First of all,this paper reviews the relevant concepts and theories of the control market,the research status at home and abroad,including the concept of control and control market,the theory of control market,the theory of principal-agent,the research on the performance of control.At the same time,it analyzes the relationship between control market and corporate governance,corporate performance and the path of action.Secondly,this paper takes the control of the state holding company as an example,and analyzes the changes of the short-term market performance,long-term market performance and long-term financial performance after the control of the dispute by the event research method and the accounting research method to analyze the impact of control over the performance of the company.The analysis shows that the control rights of Company E have a positive positive impact on the short-term marketperformance(CAR)of the company,and the long-term market performance of the Company after the dispute has been declining.Through the analysis of financial indicators and EVA(economic added value)calculations,we found that the control of the dispute in the year has a negative impact to the company's performance,and also did not improve the company's performance in the long-term(5-year period).This paper further measures the level of corporate governance before and after the control of E company,and compares the control structure of the board of directors,the ownership structure and the management efficiency before and after the control of contention.After the dispute,the level of corporate governance has not been improved.Finally,this paper draws that the control market of state-owned holding enterprises is inefficient and does not realize the role of improving corporate governance and enhancing corporate performance.And E's State-owned background make it's control market efficiency has weakened.Finally,through the analysis of the case,this paper draws that perfecting the legal system of the capital market,regulating the behavior of the market players,deepenning the reform of state-owned enterprises,playing the internal and external mechanisms of corporate governance,and improving the competition mechanism of the capital market itself Which will help improve the efficiency of China's control market and promote the further development of China's control market.