The Research On The Relationship Between Control Right Transfer Of Listed Companies And The Value Of Target Company In China

As the liquid of equity has been more and more free, a new special commodity, listed company control, will play an important role in our capital market. However, people now pay more attention to corporate control profit in the background of centralized share and expropriation of large shareholder.There is a consecution in my paper,"motivation-decision-execute-effect".This paper offers a preview in the first place and defines the corporate control in personal opinion, and divides benefit of control into two aspects, transfer profit and operate profit.Secondly, based on our laws and guides of merger & acquisition, we analysis different people have different attitudes about control transfer, also, we build game model to reflect the best choice they should make, which can help them protect their legal rights. After that, the dissertation discuss the risk on the process of control transfer and look forward to finding effective methods to reduce it, so as to improve the corporate value.In the further we use the empirical analysis on both the market response, company operation performance and the whole value through the transferring of corporate control by the methods of event study, accounting study and factor regressive analysis, and in this way we confirm that transferring put the value into another, and the operate improve the value.Finally, at the general aim of corporate governance remedy and capital market improvement, we sum up several points for the management of listed company's control transferring in the capital market.