A Study On The Relationship Between Ownership Structure And Transfer Of Control Rights Of State - Owned Listed Companies

State-owned listed companies represent the country’s economic mainstay and lifeline, regardless of their industry, size or performance, each with an unparalleled advantage. With the continued process of the Split-share reform in 2005, research on the relationship between ownership structure and control right transfer of state-owned listed companies is imperative under the increasingly sophisticated background in takeover market, and still embedding analysis paradigm of the equity control chain could be better coordinate the interests of large shareholders and minority shareholders, and it is possible to further optimize the ownership structure of state-owned listed companies in control of the market process. The text mainly explore the relationship between ownership structure and control transfer of state-owned listed companies under the perspective of equity control chain.Existing literature on the ownership structure and the control right transfer of state-owned listed companies focused on financial indicators, terms of operating performance, market efficiency, management behavior and system construction; and the development of the equity control chain tends to agency problems, the ultimate shareholder deprivation, ownership structure, internal control and property rights or other aspects. Based on the both common areas, the dissertation get the establishment of the relationship between ownership construction and control right transfer in state-owned listed companies under the perspective of equity control chain. Also by trimming the concept of contract theory, principal-agent theory, theory of property rights and takeover market theory which could be further laid the theoretical foundation of the paper, and then expound features of ownership structure and control right transfer of state-owned listed company based on equity control chain among the process of Split-share reform and takeover market.In the tache of empirical analysis, the paper select the control right transfer of state-owned listed companies for five years which from 2009 to 2013 as the sample group, and then choose the similar size of the state-owned listed companies as the control group. as embedding the variable factor of equity control chain, the dissertation analysis the relationship between ownership structure and control right transfer of state-owned listed companies by introducing the pairing model analysis, descriptive statistics and Logistic regression analysis, and then designing the optimization model of ownership structure of listed companies based on the regression results. The final conclusions are as follows: the proportion of state-owned shares and equity control chain each has a positive significant effect on control right transfer of state-owned listed companies; while net assets per share, outstanding shares and largest shareholder stake each has a negative significant effect; the relevance of total share capital and the transfer of control shows no significant.Finally, some improvements and policy recommendations for future research work will be proved in accordance with the conclusions of this article.