Study On The Price Of Listed Corporate Control Transfer In China

With the rise of Chinese securities capital market, the control transfer market of listed corporate is increasing actively. However, this phenomenon is very different from that in the mature market for listed corporate control transfer under the unique system of listed corporate in China both in form and function which cause control transfer price unique and complex.On basis of the former research, this paper analyses the motivation of corporate control transfer, the value of corporate control, the forming mechanism and determinant of control transfer price beginning with the system background of corporate control transfer market. And then, through the statistical analysis on the data including 91 affairs of corporate control transfer in 2003, it gives the answers of four questions as follows: (1) Is the price of control transfer rational? (2) How much the. premium of corporate control transfer in China? (3) Which are the determinants of control transfer price? And (4) Do the price of control transfer correlate with the efficiency of control transfer? The results of empirical study are mentioned behind: The price of control transfer is significantly positive with the theoretical value of control transfer, but there are some departures between them for the profitability of aimed corporation is not enough regarded. The factors which impact the price of the control transfer are complex. The price of control transfer is significantly positive with the net asset per stock, the EPS, the market price per current stock and negative with the ratio of debt to asset. The determinants are mainly the net asset per stock and the aggregate assets. The price of control transfer is not correlated with the efficiency of control transfer, and the premium of control transfer is not an obstacle to improve the efficiency of control transfer.