The Study Of The Factors That Affect The Transfer Of Control Of ST Company

Due to the separation of the ownership and control of modern enterprise, the control of the company has gradually drawed the attention of stakeholders, and the control has become one of the important factors that directly affect the company’s operating results. Control over the market can help to replace the inefficient management to safeguard the interests of shareholders. When the inefficient management leads to the fall of share price, foreign competitors then get the opportunity to take over the company, and at this time the managers are likely to lose their jobs. The guarantee of the shareholders’ interested relies on such a market operation. But this is the result in a perfect system of western capital market. With the development of China’s stock market, the domestic scholars has began to focus on the studies of Chinese control over the market, and this is long-term implications for the healthy development of China’s stock market.Through the above scholars’ research and relevant theoretical analysis, this paper analyzed the empirical part from four aspects:(1) Control over the role of the market;(2) Shareholding structure of the Company;(3) Speculative motive. For more scarce qualifications listed Chinese market, ST’s "shell" will undoubtedly become one of the important factors affecting the transfer of control. Therefore, this paper will also examine whether the "shell" will impact the transfer of ST Company.We draw the following main conclusions:(1) control of our market is not mature, unable to play a role in improving corporate performance, but may be appropriate to replace the inefficient management, control of the market is only part of the to be effective; ownership structure (2) The shareholding structure of the Target Company have little effect on ST’s transfer of control activities, More important factor is the huge private benefits of control, Shift brought by a small float caps in exchange for control over the operation of private income (3) the listed company resources also affect the transfer of control of the ST companies. Unlike previous studies, this paper uses empirical research samples in ST companies to illustrate special instructions listed on the transfer of control of the company’s activities. Using existing data, the sampling interval is set between1998to2010, in order to expand the research scale. Equity in the use of structural features which control is transferred Logit model analysis on the basis of the company, joined the company control over the multiple transfers of samples, analysis of the transfer of control over the activities of ST companies from speculative point of view, combined with the control of the market, control over private revenue metric model,"shell" multi-angle analysis of the factors affecting the transfer of control of the ST.