Study On The Price Of Corproate Control Transfer In China

The separation of ownship and controlling rights of join-stock company leads the relationship of entrusting and agent between the shareholder and manager. The function of control market in restricting and supervising to the manager is an effect exterior resort to solve this problem.The western schoolers study arround this core mechanism, forming relatively consummate theory of conporate control transfer market.In China, going with the rise of securities capital market, the action of control transfer is more and more activity as an important part of capital market. But strictly speaking, the control transfer affairs occuring in Chinese securities market are not marketing activities, undering the unique listed company system in china. This phenomenon, which is called"the would-be transmission marketing" by some Chinese scholar, is quite different from the mature transmission marketing both in form and function. Firstly, Chinese control transfer affairs were impeled by the policy of industry structure adjusting; Secondly, the ration system of come into the securities market in China cause that many companies's purpose to buy corporate control is to come into the securities market. Thirdly, more than 66 percent of Chinnse listed corporate' shares are state-owned and are not allowed to trading unless abtaining the ratification from authoritative bodies, and the primary manner of transmission is negotiated purchase. The problem of big share holder control and inner control is more active through this process. Therefore government is not only the policy maker and superviser but also the share holder. So government take part in the control transfer as two status, which cause the unique and complex characters of the corprate control transfer price.This paper analyze the forming menchanism and the factors of control transfer price, then on this basic, we chosed 136 affairs of corporate control transfer from 1996 to 2000 in China as our stylebook, to answer the three questions: how much the excessive price of corporate control transfer in China? which are the factors of control transfer price? and if is the price of control transfer in reason? This paper ismade up of four part, The first part of his paper summerise the study results about the price of corporate control transfer. The second part begin with the description of the background system of corporate control transfer market, then analyzes the motivation of corporate control transfer, the value of corporate control, the forming menchanism of control transfer price.On this basic, we analyse the the factors of the price of control transfer.The third part is emperical study, through this study, we find there is a large departure between the price and the value of corporate control; the income ability of aim corporate was not given enough regard; the concealed factors such as corporate control benefit, government pushment have rather large effect; Though the excessive price of corporate control transfer is very high, it's not the holdback of advancing the efficiency of corporate control transfer. The last part, gives out the policy suggestions on the basis of all the previous analysis, analyses the lack of this paper, and index the study aspects after this paper.