A Study On The Influence Of Control Rights Transfer On The Performance Of Listed Companies In China

The transfer of control rights triggered by mergers and acquisitions has gradually attracted people's attention in recent years.As a developing country with a socialist market economic system,the market of control transfer is attracting much attention.With the gradual control of the transfer of control market in China,the transfer of control to the business or the company's business performance has gradually attracted the interest of scholars.The traditional theory of transfer of control mainly through the hollowing out and support theory analysis of changes in ownership structure brought about by the company's business performance changes in the study of Western corporate governance in the transfer of control has been through the principal agent analysis of the company's changes.Capital market imperfections and China's special market economic system determines the listed companies with a strong merger and acquisition properties.Mergers and acquisitions of listed companies are more common,so the transfer of control of listed companies appears more frequently.The transfer of control of listed companies is an important part of the securities market,which has a significant impact on corporate governance structure,corporate performance,development strategy,corporate value and residual distribution policy.Chinese listed companies control the transfer of what market reaction,the impact of the transfer of control on the company's performance,the value of control of listed companies to change the value of how to control the transfer of listed companies to control and so on are worthy of our thinking and attention.Therefore,the study of the transfer of control of listed companies in China related issues,not only the focus of China's securities regulatory authorities,but also Chinese listed companies in the management of one of the urgent problems to be solved.This thesis is divided into six chapters to discuss the impact of the transfer of control on the performance of listed companies in China.The first chapter mainly introduces the research background,the research significance and the literature review,on this basis put forward the innovation of this article.The second chapter summarizes the basic concepts of this paper,and summarizes the principal-agent theory and corporate governance theory.The third chapter analyzes the mechanism ofthe transfer of control rights to the performance of the company.The fourth chapter mainly carries on the empirical analysis,on the basis of the research design,respectively,discusses the related variables and models used in this paper,the main data sources to make corresponding instructions,and study the transfer of control on the company's business performance empirical results.Again on the basis of 2010years-2015 listed corporate control transfer performance factors empirical analysis.The sixth chapter summarizes the main conclusions on the basis of the previous empirical analysis and puts forward the corresponding countermeasures.The results show:(1)The proportion of the largest shareholder's shareholding caused by the transfer of control and the concentration of shareholders' checks and balances have a positive effect on the performance of the sample company.(2)The estimated results also show that the superposition effect of the proportion of the largest shareholder and the effect of the shareholder's checks and balances on the performance of the sample company have a negative effect on the operating performance of the sample company,and the proportion of the largest shareholder is obvious Lower.(3)The interaction between the equity checks and balances and the holdings of large shareholders after the transfer of control has no obvious effect on the performance of the sample companies,but the effect has been improved with the change of time.(4)the ability of shareholder checks and balances gradually strengthened,the interests of major shareholders of the invasion effect was significantly inhibited.(5)The transfer of control can improve the performance of listed companies in the short term,but the results of different financial indicators are very different.Long time changes show that the influence of control transfer on the performance of the company is significant The second is the ability of solvency,followed by the capital structure,then the nature of the company,the growth ability of listed companies and the number of employees of the company have little effect on the transfer of control rights.