First Major Shareholder Change And Corporate Performance

After the completion of the reform of non-tradable shares,the change of the first largest shareholder of listed companies in China is increasing.And the change of the first largest shareholder usually has an impact on the company's performance.Because of the special historical background of our country,the research on the performance change of the largest shareholder in our country started late and has not yet reached a unified conclusion.Since 2012,the Securities Regulatory Commission has simplified the approval requirements for mergers and acquisitions,and reduced the mergers and acquisitions process.The CBRC has extended the maximum period of bank mergers and acquisitions loans and lowered the threshold of mergers and acquisitions.These new policies have greatly promoted the development of the control transfer market of listed companies in China,which is conducive to our study on the change of the first largest shareholder of listed companies.At the same time,in order to better study the impact of the change of the largest shareholder on company performance,it is necessary to set the time window as one year before the change of the largest shareholder and three years after the change.Therefore,this paper chooses the listed companies whose largest shareholders changed from 2012 to 2014 as samples and uses the PSM method to match the listed companies whose first shareholders did not change according to the growth of listed companies as matching samples.On the basis of summarizing the previous research results,this paper studies the impact of the first largest shareholder change on corporate performance,and further investigates the impact of the growth of listed companies on the first largest shareholder change performance.This paper consists of six chapters.The introduction is the first chapter of this paper.This chapter introduces the research background,research methods,research framework and innovation and shortcomings of this paper.Chapter 2 is the literature review.This chapter combs the relevant literature about the change of the largest shareholder,the company performance and the growth of listed companies.Then it reviews the existing literature,from which we can understand the current research situation and research methods in related fields.Chapter 3 is the theoretical analysis of the impact of the change of the largest shareholder on company performance.This chapter mainly analyses change of the first major shareholder and agency problem,the change of the first largest shareholder and the efficiency of management,the growth of listed companies and the performance of the first largest shareholder change.Chapter 4 is the growth evaluation of listed companies.We selected the listed companies whose largest shareholders changed from 2012 to 2014 as samples.In order to comprehensively evaluate the growth of listed companies,we use factor analysis method to analyze the four aspects of solvency,operation ability,development potential and profitability.Calculate the growth comprehensive score of listed companies.Chapter 5 is the analysis of the impact of the change of the largest shareholder on company performance.In the first part,we choose the listed companies with the change of the first largest shareholder from 2012 to 2014 and the listed companies with the unchanged first largest shareholder obtained by the PSM method as samples to explore the impact of the change of the first largest shareholder on the company performance.In the second part,we choose the listed companies whose largest shareholders changed from 2012 to 2014 as samples and take the growth of listed companies as explanatory variables to further explore the impact of growth of listed companies on the change performance of the largest shareholders.Chapter 6 is the conclusion of this paper.In this chapter,we summarize the previous conclusions and make suggestions based on the conclusions.The research conclusion shows that the change of the first largest shareholder helps to improve company performance,which is similar to the conclusion drawn by many scholars at home and abroad.The change of the first largest shareholder can not only improve the ownership structure of the company,improve the principal-agent relationship and reduce the agency cost,but also improve the efficiency of management by introducing efficient management team into the company.At the same time,we find that the worse the growth of listed companies before the change of the first major shareholder,the more obvious the improvement of company performance after the change of the first major shareholder.Compared with the listed companies with good growth,the listed companies with poor growth usually have backward business philosophy,narrow business scope,poor ownership structure and low management efficiency.Therefore,changes in the company's operations,the improvement of the shareholding structure and the replacement of management brought about by changes in the largest shareholder of listed companies have made the performance improvement of listed companies with poor growth more obvious.