Research On The Influence Of Transfer Of State-owned Control On Corporate Performance

Control transfer as one of the merger,acquisition and reorganization,has been the capital market of the academic research hot topic at home and abroad,which involves whether for enterprise to bring the positive economic effect,has been a highlight the research.Foreign scholars have found that the transfer of control can change the ownership structure of the company and optimize the allocation of resources so as to improve the performance of the company.However,compared with the mature market in the west,after the reform of the equity division in 2005,the capital market began to rise gradually,so there are many problems.Due to the rise of the domestic control market,there are more and more researches on this topic,whether it is performance or corporate governance mechanism,or private income.In order to make the capital market more standardized,healthy and orderly development,we should analyze and improve the factors that may affect the performance of corporate governance.It has strong theoretical guidance and practical significance for improving the governance structure of listed companies and improving the mixed reform of state-owned enterprises.From the reality of our country stock market,the empirical study of stateowned listed company equity transfer process influence on enterprise performance,hopes to improve the control of the market and the state-owned resources configuration to provide empirical evidence.The main content of this thesis consists of the following six parts: firstly,the relevant background and significance are expounded from the development course of China's capital market and some achievements obtained.Secondly,it reviews the empirical research literature and research methods on control transfer at home and abroad.Thirdly,the theory of transfer of control at home and abroad is expounded,and some concepts are explained in this paper.The fourth is the analysis of the institutional background and motivation of the ownership transfer of listed companies.The fifth part is the empirical part,which selects 228 listed companies from 2010 to 2016 as sample objects.In order to explain the change of control and senior management,the change of control and senior management is explained.On research methods mainly in multidimensional(FISC company performance)and unidimensional NVA control inspection(net asset growth rate)two aspects,first four principal components through principal component analysis(pca),thus,makes comprehensive financial index score function,thus it is concluded that corporate performance is the explained variable,before the multiple regression according to the final control whether people change,executives will change the whole sample is divided into two groups of children sample USES independent samples T test and verify the final control and executive changes the influence of the two variables.Finally,the linear relationship between corporate performance(comprehensive index and single dimension index)and control transfer is analyzed through multiple linear regression.The two regression results were compared.Drew the following conclusions:(1)through the empirical study on the performance of state-owned equity transfer control activities can bring significant improvements,(2)involved in the control of the final control people more important changes to the company performance improvement,and(3)if the executives at just the wrong change not only bring the improvement of performance,instead of also worsens,but in the final control under the premise of person replace,is a significant positive correlation.The paper also reflects the construction of market effectiveness through strengthening the control transfer market,reducing the government intervention,and the market liberalization can further optimize the allocation of state-owned resources.