Financial Risk Assessment On The Control-transferred Listed Companies

At the present stage, after thirty years of development, China realized the enormous value of national wealth. But Chinese also appeared the problems of irrational industrial structure and so on in the development process. These are the problems that need to be adjusted by the capital market. The historical experience of other countries for reference of the development of the capital market, you know M&A is an effective way to solve the above problems. Listing Corporation is the cornerstone of the capital market, but also the leading power in the capital market, more is to adjust the industrial structure in the macroscopic economy, the backbone of economic development mode. At the same time, the Listing Corporation has developed to a certain stage, to the pursuit of more large-scale development also needs through the means of merger.In China M&A transactions, the transfer of control right form of M&A is an important part of M&A transactions. From2011China merger transaction data, whether from the number of transactions or the transaction amount, the transfer of control right form of M&A transactions have a total of more than1/3M&A transactions. How to control the enterprise after the transfer of rights? Especially the Listing Corporation after the transfer of rights of control, the controlling shareholders may be different to the restructuring of the listing Corporation, or take the form of different restructuring of listing Corporation. After the reorganization of the Listing Corporation’s assets quality is good or bad, or the profitability of the Listing Corporation is to be improved? Majority restructuring merged enterprises are the problems enterprises; they have relatively large investment risk. Listing Corporation after the transfer of rights of control, while the new controlling shareholder restructuring the listing Corporation, but whether the level of risk can be reduced, and whether there will be new risks? These problems are the stakeholders concerned, as shareholders, creditors and so on; on the other hand, the Listing Corporation through M&A can continue to operate efficiently, it is necessary for the healthy development of the capital market, so it is necessary to evaluate the risk through a certain way of controlling right transferring listing Corporation may occur.On the transfer of control of the listing Corporation, from the perspective of stakeholder concerns and restructured listing Corporation own characteristics, by selecting the corresponding financial index, and the reasonable weight and other factors, to evaluate its financial risk. It is of important significance to the listing Corporation benefit; also have important significance for the healthy development of the capital market.