Empirical Research On The Management Efficiency Of Th E Market For Corporate Control:Based On The Reform Of Non-tradable Shares

This paper is to explore,as an external governance mechanism,how efficient the market for corporate control worked based on the reform of non-tradable shares.Corporate control market is good to improve the compony’s performance and to perfect the corporate governance.A healthy development of capital market is needed to make the market for corporate control worked.Non-tradable shares was a peculiar national conditions of our capital market which become an endogenous system flaw.Our country’s market for corporate control does not play a real effect.Researchers in the domestic scholars mainly research around the share reform which began in2005, the amount of price, payment and other issues were discussed and multi angle.After non-tradable shares were reforming,some items concerning with the management efficiency corporate control market have been involved in some previous studies; Share reform, however, how much impact does it has to improve the capital market and to improve the efficiency of the management of corporate control market mechanism, that needs long-term observation and research, but there are few articles.This paper strives to provide supplementary and reference for the Chinese academic circle’s research on the long-term effectiveness of corporate control,which is based on the state share sale reform.After defining the share reform,market for corporate control and its efficiency, carding the literatures,analyzing and contrasting the market for corporate control before and after the share reform, I chose the panal data of2000-2012years about the samples which have completed the share reform and get an empirial analysis.The conclusions as follows:(1) The equity concentration of the listed companies has a negative effect on the corporate control market.After the non-tradable shares reformation, the equity concentration of the listed companies is lower, the governance of corporate control market is more efficient.(2)The degree of government intervention has a negative effect of the corporate control market.Under the circumstance of full circulation, the efficiency of the corporate control market was raised compared with that the lower degree of government intervention.