Effect Of Transfer Of Control Right Of Listed Companies On Corporate Performance

Separation of powers is a basic feature of modern companies and an inevitable result of economic development.Separation of ownership and management rights ensures the specialization of company management.However,with the decentralization of the company' s shareholdings and the divergence of ideas between owners and managers,many companies have escalated the control over corporate control among large shareholders,shareholders and management.The transfer of control rights has a long-term impact on the company's governance and operating performance.The control and transfer of control rights of many famous enterprises such as Gome,NVC Lighting and Vanke has attracted more and more attention from the capital market and the public.Researchers in corporate governance have also placed more attention on the transfer of control rights.on.The transfer of control rights can optimize the ownership structure and at the same time it is a way to solve the agency problem.Therefore,some companies try to improve the efficiency of production operations through the transfer of control rights.The market for control rights appeared late in China,and its related research was not perfect.Over the years,China's capital market has gradually improved,and the transfer of control rights through mergers and acquisitions has become more common.The study of corporate control over transfer of control rights has become increasingly important.In this paper,literature research methods,case analysis methods and comparative research methods are used to study and analyze Yashily international control rights transfer events and their methods,causes,impact on company operations,and shareholder wealth effects.By analyzing the impact of control transfer events on Yashily financial performance and shareholder wealth through the use of financial indicators analysis and event research methods,the conclusions and implications of Yashily international control transfer events are presented.This article takes Yashily International's control transfer event as the case study object to study the effect of transfer of control rights on company performance.The content of the article consists of five parts.The first part is an introduction.Firstly,the research background and the significance of the topic are expounded.Then the former scholars are summarized in the related fields,the paper's research ideas and methods are introduced,and the framework of this paper is briefly explained.The second part is the literature review,which mainly summarizes the previous research.The third part is the theoretical basis,mainly expounding the theoretical basis of efficiency theory related to control transfer,transaction cost theory and principal-agent theory.The fourth part introduces the basic situation of the company related to the case,and then to introduces the background,transfer process and characteristics of Yashily's international transfer of control rights,and analyzes in detail the reasons for the transfer of Yashily's international control rights.The fifth part is the analysis of the impact on company performance,which is the core content of this article.This section first applied the financial index method to analyze horizontal and vertical financial data for several years before and after the occurrence of the incident,and comprehensively analyzed the impact of transfer of control rights in terms of profitability,operational capacity,solvency and growth capacity.After the discovery of the transfer of control rights,various financial indicators of the company have declined to varying degrees.Then,using the event research method,the shareholders of Yashily International's abnormal returns in the short-term and long-term after the event were counted,and the shareholder wealth effect of the event was calculated.The results prove that the transfer of Yashily's international control rights has a positive impact on shareholders' wealth in the short term,but the impact is relatively small.In the long run,it can bring significant negative returns to the shareholders of the company,and the company's value will be reduced.The sixth part is the conclusion and enlightenment.It mainly summarizes the analysis result of the fifth part and draws relevant revelations.