| The formation of rights of control of chinese companies on the market is the result of compulsory variation of system.In a company,collaction of control can influence the realization of stockholder value's maxization,because only the people possessing rights of control are able to obtain private benefits.In the market of modern countries,because the rights of stockholder circulate generally,and the market of rihts of control is also very developed.But now ,in our country ,non-circulating stocks take up above 70% in our country'stucture of rights of stockholder.Under this kind of"shareholder strcture"backround,the market of rights of control is only some market excluded formal matket. The undeveloped market of rights of control can not neglect our country's rights of control.During stock market reformed continuously ,the problem of rights of control become sticking out day and day.Now for chinese stock market being in the reform of shareholder structure,there is also potential change in rights of control,that is,during the reform of shareholder,for companies on the market,rights of control flow potenyially.Because of people's anticipation of liqudity of rights of control,this kind of anticipation will be reflected on its pricing of capital.Since《Modern company and private capital》written by Berle and Means was published in 1932,many scholars have studied the problem about rights of control.This is because"company's ownership"and"company's rights of control"have become the core problem of corporate governance. Corporate governance exists in the company in every kind.Shareholder structure in chinese stock market originates from non-liqudity of rights of control,this is passive give-up or compulsory give-up,it was system selection under public ownership in that time.Along with deepening of economic reform and pluralization of sharehold structure, as a special commodity, rights of control bring about the need of liqudity,this is internal reson of circulating system,is also...
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