Study On The Market Response Of Real Controller Change Of A Shares In Listed Companies In China

In the mature securities market,the transfer of corporate control is an important external mechanism to improve corporate governance.The change of the actual controller will have a great impact on the positioning,the focus of the business and the strategic layout of the listed companies.When the actual controller changes,some indicators that show the characteristics of the stock market,such as the stock price will fluctuate.With the development of China's capital market and the gradual withdrawal of state capital,the number and proportion of control transfer events in China's listed companies has increased significantly.It is of great practical significance to study the market reaction of the transfer of control rights of Listed Companies in China.Based on the fact that the listed company in China issued the actual controller change announcement as the research perspective,through the empirical study of 162 samples from 2009-2016 years'.A share market in China,this paper studies the market reaction and the factors that influence the market reaction of the actual controller of the listed company.The results show that:(1)the actual controller change events in the listed companies can bring 15.66% cumulative excess rate of return in the window period(-20,20).(2)the market reaction effect of different transfer modes is different.The market reaction is the most intense as the transfer of equity agreement,followed by the two level market acquisition way.The free transfer way can not get the excess return.(3)when the actual controller changes,it brings a positive cumulative excess return to the state-owned or private nature,but the cumulative excess return of the private nature is significantly larger than that of the state-owned nature.(4)when the actual controller of the listed company changes,the industry change,executive turnover,paid transfer,the longer the time difference of event change,the higher the actual control.