Control Over The Transfer Of Listed Company Financial Performance And Its Influencing Factors Research

Control right transferring is a mode of Mergers&Acquisitions. Along with the development of control right market in China, more and more companies adopt this mode. According the conclusions of the existented studies, efficiency of the conrtol right transferring in China is not satisfying. The market didn't play the role of deploying resource more efficiently. The financial performances of most listing companies that transferred control right hadn't improved. Synchronously control right transfer events in the capital market occured continually. It has important practicing meaning to have comprehensive study of the financial performance and the influencing factors of the listing companies that changed controllers indeed.This thesis took the listing companies that changed controllers indeed from 2001 to 2003 and didn't change again for a long enough period of time. If the objects choosing weren't strict, the conclusions couldn't reflect the true performance of the right transferring. Based on the study and analysis on plenty of former literature, this thesis firstly had describable statistical analysis for the studying objects. Secondly it had independent/paired sample T test and analysis of variances of the financial datas a year before and several years after the transferring dealings. Lastly it had regression analysis of the obvious influencing factors for the ROE index of the objects by collecting all concerned open information.This thesis finded the following conclusions: (l)Financial performance of the listing companies that changed controllers indeed improved continuously, this conclusion provids demonstration support for the M&A creating value theory and gives policy suppliers valuable reference.(2)The way of M&A is matching with the industry phase those listing companies belonging to. It shows that the control market played the role of adjusting industry structure. (3)The conclusion of regression showed that suitable management structure and payment structure are the important influencing factors of financial performance. For the companies that want to transfer control right reasonably use the convenience brought by the listing company is the most important thing.