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Research on the Performance Change of Chinese Listed Companies Control Right Transfered

Author: WangJing
Tutor: JiaoZuo
School: Southwestern University of Finance and Economics
Course: Financial Management
Keywords: listed companies control right transfer corporate performance factor analysis
CLC: F272
Type: Master's thesis
Year: 2009
Downloads: 96
Quote: 0
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Abstract


The performance of control right transfer has become a hot topic in academia, because control right market is an important exterior governing mechanism of corporate govermance (CG) in such a way that with the restriction against management layer, one can ensure the regular and healthy operation of corporations. Along with the development of control rights market in China, control right transfer has made a great progress in both quantity and quality. Especially after 2000, as the supervision system was standardized, the quantity of substantial mergers and acquisitions (M&A) began to exceed the quantity of reverse merger. Besides, the reformation of Chinese stock market had been accomplished basically by the end of 2006. This will make a profound impact on the future development of control right transfer market. And we can tell that in the reformation, the control right transfer is not only intervened by government, but also appear more higher-level, market-oriented, strategic M&A in the market. There are more types in pattern and payment. This provides a better platform to the study on the performance of Chinese listed companies after their control right transfer.By now, there has been formed 3 different opinions on the study. One is that the control right transfer is helpful to make better performance of the companies. One is that it is not helpful to enhence the performance of the companies. The third one is that there is no certain evidence to prove the control right transfer can affect the performance of the companies. As to the method of evaluing the performance, there are 2 methods that always been used. One is the Event Method and the other one is Financial Indexes.However, the domestic study begins late. At present, many demestic disquistions use the samples only before 2004, and the outcomes is different. Therefore this paper’s purpose is to find out whether control right transfer could improve the performance of corporations, with the help of the latest data, samples and empirical analysis methods. These conclusions can hopefully be used to improve the efficiency of current M&A, to help the stakeholders face a new round of M&A with a more rational attitude and provide some experiential evidences and theoretical supports to the reform. That’s why I choose it as my paper’s subject.In front part of this paper, I sums up literatures from both china and foreign countries. And then based in theoretical explaination, the paper uses data samples of listed companies which control rights have been transferred in the year 2006. Finally, factor analysis method is used to measure the corporations’performance in the year of [-1,+1] before and after control right transfer.The main research results are: (1) In the year 2006, control right transfer mostly happened in manufacturing, and mainly paid in transactions. (2) At the same year of control right transfer, the performance of Chinese listed companies had a certain degree of decline, and in the following year after control right transfer, the performance went up. (3) In general, the performance after control right transfer is better than before, which shows the efficiency of Chinese control right market still need to be raised further.According to the above research in the status of control right transfer in china, this paper brings some further suggestions to improve the efficiency of control right market, such as to continue to construct the control right market, to enhance the“supportive regulation”by China Securities Regulatory Commission, and to strengthen the function of capital market, etc.

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