Empirical Analysis Of Holdings Transfer Among Listed Companies In China

Market for corporate control theory is not only one of the most important motif in the theory of corporate, economics and finance, but also the focus of dispute in the theory circles. It is vital to research in market for corporate control theory, which has theoretic and practical meaning to activate stock assets, to improve the stock structure of a company and to contribute to the reform of state-owned enterprise. By theoretically analyzing, we consider that we should maintain the mainstream status of market for corporate control theory. In order to validate the applicability of market for corporate control theory in our country, we take the listed companies as the example which involves the holding transfer in year 2000-2002, and emphasize that share holding is the actual control power to a company. Transfer mode is compensatory and negotiable. By virtue of the collective inspection and annual inspection by means of three models of the event analysis method at the same time, analyse systematically the documents No. 26, No. 75 and No. 105 which were enacted in year 2000-2002 by Securities Commission. Research shows that Chinese merge marketing is becoming rational and could bring abnormal returns for both target companies and merged companies. The information is leaked ahead in three years, but the advanced responsive degree from the market is different. So, Securities Commission must emphasize to reveal the merge information but also regulate the merge program while setting the related laws, both are indispensable. The thesis is composed of five chapters. The first chapter depicts the research backgrounds of this paper, analyzes the history and backgrounds of market for corporate control theory, raises questions, expounds the evolvement of market for corporate control theory, enumerates some views that support the mainstream theory and explains the research significance of this paper. It establishes the theoretical foundation and provides an angle of empirical analysis. The second chapter indicates the deficiency of the research and finds out the breakthrough point through literature summary. Comparing with the return evaluating methods based on the price of stocksand financial data, we recognize the former as the research instruments and will particularly introduce it to guarantee the objectivity and sufficiency .The third chapter emphasizes the discussion on the reasons of sample time-span selection and the standards of sample selection. Further, ensure that the conclusions are representative and typical, and the policy suggestions practical, collecting 10 samples according to the demands of research. The fourth chapter includes the analysis of the results of empirical research and performs the core of this paper. Not only conduct the comparative analysis of the integration verification and annual verification, long-term periods and short-term periods and the results of three models, also the analysis of results of statistics verification. Combined with policy analysis, this chapter constructs sound foundation for the policy suggestions in the next chapter. The fifth chapter comes to the conclusion, puts forward the policy suggestions and the propositions that worth further studying and indicates the originality and deficiency of this paper in the end.