An Empirical Research On The Influent Factors About The Price Of Control-Right-Transfer In Listed Companies

Control-right and control-right market theory is used by Henry Manne (1965) in his work"mergers and control market ". In recent years, domestic and foreign scholars have done theoretical and empirical research on control-right theory, and gained fruitful results. In China Control-right-transfer began in 1994 when government issued"the suggestion on management of state-owned shares in Joint-stock enterprises "which allows transfer of state-owned shares to legal, natural persons and foreign investors. Control-right-transfer in listed companies develops with specific policy and environment in China's securities market.The efficient corporate control does well to upgrading the quality for corporate operation, increasing the efficiency for the resources allocation, promoting the value for the capital. The person who masters corporate control can make decision right for important management and order right for the managers of the firm through voting rights. The control holder can make the corporate operate as set orbit and make gain through the power. The control can bring benefit for the holder and it is valuable. As valuable and charitable, corporate control is the object of competition for the holder and grabber. Continuous transactions of corporate control form the special market for the corporate control.In control-right-transfer process, the price plays a key role.It is not only expression of assets owned by enterprises, profitability, financing structure, or some other financial value indicators, but is also depended on ownership structure, whether the enterprise is a listed company or not etc. The research on price of control-right-transfer in company can not only enrich and enhance our understanding on control-right theory, but also establish a measurement system for price of control-right-transfer.And the research can play a guiding role especially for improving and perfecting the listed companies in China's governance echanisms.Based on the theoretical analysis ,this paper studies on the behaviors and price of control-right-transfer in listed companies in China, and also does empirical study. The purpose of this paper is to properly evaluate the price of control-right-transfer, so as to provide the direction on strategy making and performing. And, it provides a new way about the similar empirical analysis.The results show that: there is no obvious correlation between price of control-right-transfer in listed companies and company's theoretical value. The buyer of control-right is sensitive to the benefit from control-right. Market practices have a certain degree of influence to control-right-transfer. However, in some aspects it has not yet played the role of guidance.Laws and the government policies are very important effective factors.