The Research On Influencing Factors And Market Reaction Of Control Transference Of The Chinese Listed Companies

China securities regulatory commission recently promulgationed《the purchase management method of listed company》,which unified《the purchase management method of listed company》and《the manage method of the shareholder of listed company holds share change information disclosure》to one, and do many more marketization and international revisions. The regulation will play a positive role in encouraging listed company to take over, and it will standard the merger and acquisition in the capital market of our country. Especially under the background that shareholding allocation reformation is under control, the listed companies will be survival of the fittest. The control transfer is a kind of takeover, so shifting with control power for major form take over reshuffle big play will soon pull open big curtain. It is undoubted, The performance change that shifts rear company for control power and the research of its influencing factor and market reaction degree have important practice value.The transfer incident of control power of our country day by day frequently, this paper depicted the transfer of listed company of control power of our country firstly, and discovered: transfer way is paid transfer mainly, nearly, the object of all transfers is non circulation stock. The transfer of control power presents undeveloped region to shift to developed region, and from state-owned enterprise, shift to private enterprise, and from traditional industry, shift to burgeoning industry, which establish realistic foundation for later research.The part of theoretical research is based on the big shareholder external arbitrage in company's administration. The part research from the angle of controling share shareholder external arbitrage, and discovery that the manage performance is improved after transfer of control power. Meanwhile, the analysis discovery paid tranfer of control power is for operation the improvement of performance is better than free transfer, which have established theoretical foundation for later research.The part of empirical research carries out research for the company's transfer of control power with the accounting law and incident law of studying. Firstly we use two indexes of ROE and earning rate of main business to research the performance change about the control transfer of listed company from 2001 to 2003. It has notable improvement after reaching the two indexes in the transfer of control power and the tendency has continued rising. Then carrying out data arrangement about the property of goal company,trade condition and the integration degree of company, using return analysis draw a conclusion is that profession develops stage,purchase integration strategy and the structure of management level have notable influence for performance. On the other hand, we find out that the transfer of control power can bring the accumulated excess earning rate more than 9% to goal company through 108 samples from 2000 to 2003. Eventually in some samples, the accumulated excess earning rate that may get is even higher after shifting change profession,change chairman of the board or general manager,privately owned turn to state owend. In the last, we have analysed the influencing factor of accumulated excess earning rate further with multivariate return model. And we prove further that profession is changed,chairman of the board or general manager the market reaction that change and transfer type shift for control power has notable influence.