The Influence Of Listed Companies' Control Transfer To The Company's Performance

In some Western developed countries,listed companies mainly take measures,such as control right transfer,to control corporate management department,in order to continuously promote management mode during their term of management and ensure the company's benefits to meet investor's expectations.If the company does not operate well,the company's management may be replaced.Therefore,total control transfermechanism is designed to secure the company's healthy development.Because in China,stock market is affected by the policy of far-reaching,many control transfer cases are more policy orientation rather than the market demand.However,control right transferring has happened frequently.The focus of this paper is what the enterprise play a role behind these transfer.At present,China is entering the stage of deepening reform and the market gradually realize the independent.In this context,listed company control transfer has important influence on the company performance.Control research in China is mainly concentrated in merges.However,few specifically focus on control right transfer.Foreign already have a early detailed theoretical and empirical studies.In addition,a more unified conclusion was obtained.This paper aims in the control rights transfer influence on the performance of the company,using the transfer control of the company occurred in 2005-2011 as a sample,uses paired t-test and multiple regression analysis method for empirical research.The results show that the control transfer can improve the target company's profitability so that to improve the performance of the company.And in main factors,the control right transfer effects on the listed companies' performance,such as the purchase of equity properties,management whether to replace the control right transfer degree,industry change,and whether the asset start restructuring.As a whole,the sample is in accordance with the state-owned and private buyers as standers in order to divide the samples in two kinds to start multivariate regression analysis.The paper has found that to improve the performance,private buyers prefer to find the industry changes.