Empirical Research On Performance Of Substantive Transfer Of Control In Chinese Listed Companies

Over the past 10 years the listed company mergers and acquisitions develop rapidly and impact on the economic life of our country more and more. Along with the development of the capital market, the substantive transfer of control will become the listed company mergers and acquisitions mainstream. However, the research on the performance of substantive transfer of control has serious deficiencies. As a result, the research on revealing performance changes laws of substantial transfer of control has important practical significance and historical value.This paper first analyzes the performance-driven indicators of substantial transfer of control and the specific forms of the performance-driven indicators. It then builds up the performance evaluation model of substantial transfer of control. In performance evaluation methods, it chooses the financial evaluation method for this paper is to evaluate the performance of substantive transfer of control not for the shareholders but for the company. In the establishment of the indicators system, it introduces performance-driven indicators of substantial transfer of control as the traditional financial indicators can't reflect the performance of mergers and acquisitions exactly. In the comprehensive evaluation methods, it chooses the factor analysis which is more scientific and objective, base on the large number of samples and major relevance indicators.This paper does the empirical research of the samples of listed companies which occurred substantive transfer of control in 2002, applying the mergers and acquisitions performance evaluation model. It lengthens the observation period of mergers and acquisitions performance and sets strict screening standards of samples against the previous research deficiencies. It combines the descriptive statistics analysis and samples paired T test to compare the comprehensive evaluation values which are from the SPSS statistical tool. It studies not only the overall but also the classification mergers and acquisitions performance changes laws against previous research deficiencies. At the end of the paper it makes reasonable explanations to the conclusions of empirical research and makes some...