Theoretical And Empirical Studies On Corporate Control Transfer Of Listed Companies

The key problem in this thesis is to evaluate the performance of corporate control transfer. In fact, the corporate control transfer is a process to relocate the sparse resources of corporate control. The evaluation mainly concerns whether the relocation process enhanced enterprise performance, thus promoted the social welfare. The article defines the corporate control transfer as the first major stockholder shifted which is announced by the listed companies. We study certain quantities of sample companies to research the listed companies' performance of corporate control transfer. Its goal lies in unifies China's reality to analyze the listed companies' corporate control transfer theoretically, and to demonstrate the performance of corporate control transfer practically. Its significance is to seek the healthy development road of domestic corporate control market under specific environment.Firstly, the article provides an introduction and integral views of the concepts of corporate control. On the basis of proposed theories, it then analyses different motives of corporate control transfer. Secondly, it studies the corporate control structure of China's listed companies and the influence of corporate control transfer on corporate governance, and summaries the way of corporate control transfer. Thirdly, it reviews the relevant studies on performance of corporate control transfer. Finally, we have an empirical study on the corporate control transfer of China's listed companies and end with some propositions on how to enhance the performance of corporate control transfer.The first innovation of this article lies in studying the corporate control transfer only, thus avoids the disturbance of other asset recompositions. Secondly, the corporate performance indexes are all-around, which study the debt ability, profit ability, asset expansion ability, growth ability and operation ability. Thirdly, the empirical study introduces Additive Model to treat influences as factors to decomposition into the following three broad categories: secular trend, trade discrimination and specific events influences. By examining and removing other factors, the model leaves the effect of corporate control transfer as the residual toaccess. The conclusions are drawn as follows. After the corporate control transfer, the corporate performance had an obvious enhancement in the short time, but it just had a tiny enhancement in the long time. The headsprings of corporate performance are the enhancements of profit ability and operation ability. Also we find that after the corporate control transfer, the debt ability, asset expansion ability and growth ability increased in the short time but decreased in the long time, which below their quantities before corporate control transfer. Summarily speaking, corporate control transfer was efficient in the short time but inefficient in the long time.