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继万科股权争夺大战爆发后,控制权转移再次引起众多学者的研究,本文介绍了我国控制权市场特有的股权分置现象,以及股权分置改革的情况。股权分置改革后,我国的控制权市场也得到了进一步的发展和完善,在二级市场上通过举牌的手段来实现控制权转移也越来越频繁,本文通过事件研究法发现控制权发生转移会使目标公司股价发生变化,给股东带来超额收益,同时发现我国资本市场存在信息提前泄露的现象,使得投资机构或内部人员可以通过内幕消息提前操纵股价的变动。
Following the outbreak of the equity war for Vanke, the transfer of control once again aroused the study of many scholars. This article introduces the phenomenon of the shareholding division unique to the control market and the situation of the share-trading reform. After the split share structure reform, the control market of our country has also been further developed and perfected. In the secondary market, the transfer of control rights is also more and more frequent through the means of placards. In this paper, the occurrence of control rights The transfer will cause the share price of the target company to change, bring excess returns to the shareholders, and find out the information leaked in advance in the capital market of our country, so that the investment institutions or insiders can manipulate the stock price changes in advance through inside information.