Control Right Transfer On Mergers And Acquisitions Of Listed Companies Performance Author

Along with our country market economy and capital market development, transfer of control rights activities have become increasingly frequent, only to expand the business of the company, formed a scale effect, and broaden the financing channel of the company, achieve the company to use the equity and capital market financing purpose. Therefore, the transfer of control right is the company to achieve the important way of development, but also the market to configure social natural resources effectively means. Transfer of control right is the reorganization of listed companies has a characteristic most in recombinant form, but the research of it is relatively weak. The existing research results, most are from the market point of view, the lack of certain industry representative, the conclusion does not apply to specific industry merger effect. This article through to the domestic and foreign research literature reading, retrieval, rarely found on the machinery industry special transfer of control right angle research, therefore, this article selects the machinery industry the empirical data of listed companies, to the equity transfer of control right transfer of the M&a performance empirical study to test the mechanical industry, the transfer of control right before and after the performance changes with the M&a market research conclusion is consistent.According to the theory of control right transfer of control right, transfer of control right and control right transfer performance change after the evaluation undertook limitting, put forward relevant assumptions, and by using the factor analysis method to establish the comprehensive evaluation index system, constructing the integrated score function, the result of comprehensive scoring average, to the aforementioned assumptions one validation, empirical results obtained. Based on the empirical findings are presented the conclusion of this thesis:(1) transfer agreement (paid) occurs by means of transfer of control rights arising from the performance gains than the gratuitous transfer of the proceeds to high performance.(2) short-term, mixed mode of M&a sample of corporate control transfer performance caused by lateral, vertical merger than the performance is high, but the lack of continuity.(3) the active expansion of the samples generated by the company performance is higher than that of passive choice of control right transfer of sample company generated performance.(4) after the transfer of rights of control properties by the state shares stock to social legal person share samples generated by the company performance significantly higher share nature does not change the performance of sample companies.(5) the above four conclusions can be seen, after the transfer of rights of control in different extent to enhance the performance of the enterprise, conduce to the development of the enterprise. Therefore, this paper argues that:transfer of control right can bring excess profit.Finally, this paper presents some machinery industry transfer of control problems policy suggestions, and points out the limitations of this study and the direction of future research.