Research On Market For Listed Company Control In China

The corporate control market is one of the hot issue which is debated much in capital market.In the west, the main stream point regards the market for corporate control as the most useful form to restrain manager and reduce proxy production costs. In domestic, the research of control market has gradually launched with the deepening.2005 April, the bond supervision conference issued"concerning listed company ownership of a share the cent place reform an experimental unit the notice concerning problem"which symbolized our country ownership of a share the cent place to reform a formal start. Because the listed company ownership of a share cent places reform general situation already settle, the Chinese stock market breaks foundation obstacle from now on, all circulating ages to open formally, we then need after the system ascend build up with reform of ownership of a share mode mutually adapt of the company manage model. This text is exactly under this kind of background to study the business enterprise control power market, try to domestic and international control power market of the existing research carry on combing, to our country company control power market present condition and all circulate after carry on the new problem for facing analysis, how grow and construct the control power market of a company which matches market regulation and Chinese business enterprise special features, and make it in China of the economy the development should have of the function put forward homologous perfect suggestion and counter plan.The thesis adoption describes the method that covariance and cultural heritage combine together, taking entrusting agency theories as according to the market for corporate control to carry on a norm research to the company, amounts to five chapters: Chapter 1 is an introduction. The synopsis introduced a thesis to choose main contents and frame that background and basis, domestic and international research present condition, thesis of study, and carried on elaborating to the research method of thesis.Chapter 2 analyzes for the theories which controls a power market. At the foundation definition to the company control power and control power market up, to company control power market of the creation, development, economic function and its bargain method carried on concretely elaborating.Chapter 3 controls a power market mode for the company of international comparison. This chapter manages mode to carry on demarcation according to the company, to the company control power of the nation which has a representative the present condition of the market carry on a comparison, and analyze it to produce reason.Chapter 4 places appearance to descend our country listed company control power a market analysis for the ownership of a share cent. This chapter looked back an our country a control a power market of creation and development process, summary our country control power market of present condition and characteristics, and applied a history data to analyze an ownership of a share a cent to place the efficiency that appearance descends the our country control power market systematically.Chapter 5 for all circulates background to descend our country company control power a market of establishment and perfect. Pass covariance analysis change in front and back our country capital market of variety condition, carry on the problem for facing to estimate analysis towards all circulating behind our country capital market, and for build up sound our country all circulate background under of the control power market put forward suggestion and counter plan.This text draws these conclusions: 1.The market for corporate control can perfect company manage theories structure, lower agency cost, promot the adjustment of national industrial structure get stripe, protect an investor benefits, as a result development the market for corporate control has deep realistic meaning.2. Review our country control market development of grain, study our country control market of present condition and characteristics, think at our country in order to circulating one opposite in circulate to have a higher mobility premium price not, the listed company ownership of a share concentration degree is widespread and higher and from here become of the market estimate value system, can't result in the stock price reflect company value really. In fine, the foundation that place separately in the ownership of a share up, controlling power value can't pass a valid control power market performance to come out.3. All circulate the bottom of the background, if want to grow and construct a corporate control market which matches market regulation and Chinese business enterprise special features market , then beard: System and information of strengthening the taking charge of period of the "transition" publish, improving state owned produce a power management system, the perfect management layer procures law system, drawing up related foreign capital and buy policy and perfect civil case to compensate system etc.