| The change of the company's largest shareholder will bring many changes in the company's own behaviors,not only affecting the development of Target Corp itself,but also the securities market.With the increase of the phenomenon of controlling share transfer in China,after the change of the largest shareholder,the research on the performance of the company and the factors that cause the change of the performance has important practical significance.In this paper,we use 95 A shares of listed companies whose first major shareholder changed from 2009 to 2010 in China.In this paper i adopt the empirical research method and the accounting research method to analysis the change of the financial performance indices of Chief Return on Assets(CROA)and the total assets profit rate(ROTA)and related factors.In this paper,descriptive statistics and significance T-test are used to analyze the change of the financial performance indices after the controlling share changed.The paper uses descriptive statistics,independent samples T-test and multiple linear regression to analysis the significant factors that influence the performance.The study draws a series of conclusions: the enterprise net profit loss improve it's performance after the change of controlling interest significantiy;the change of chairman of enterprise after the change of equity lead to a performance improvement;the occurrence of SEO of an enterprise which holding rights change within two years has significant positive correlation with enterprise performance;the Non-private enterprises may improve the performance.At the same time,some problems are found in the research process: in the 95 Sample Firms,the main business profit rate of assets after the change of equity is lower than the industry average level for more than 56%,shows the existence of a "backdoor listing" motivation.There are also some problems,such as internal governance structure and external supervision need to be improved. |
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