The Study On Price Change Of China's Iisted Companies Before And After Information Disclosed About Transfer Of Control

The listed companies' transfer of control usually causes change of trading price.A fair market needs it's listed companies to disclose information promptly and accurately. Manipulating disclosure of information often brings about insider trading which causes abnormal return.A large number of listed companies' transfer of control have been transferred these years in China,but their trading price usually has abnormal change before information disclosed.This thesis studied the affaires of listed companies' transfer of control during 1997 to 2001,and carried out demonstrative analyses on their price change during the period of disclosure of information to reach to the conclusion that:(â… )There are serious and obvious affairs of insider trading and manipulation of trading price in China's stock market;(â…¡)The character of insider trading changes rapidly with the development of stock market;(â…¢)The character of insider trading in Shenzhen Stock Exchange and Shanghai Stock Exchange are very similar;(â…£)It's doubtful about the faith of the senior management persons to their companies.The thesis also introduced the history and current situation of China's securities regulatory authority how to supervise insider trading and regularize disclosure of Information.Moreover, the thesis analysed the problem of China's stock market and the causes of insider trading.Finally,it gave some advice to the securities regulatory authority and popular investors according to the analytic conclusion.