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1、AbstractWiththecontinuousdevelopmentofmarketeconomyandcapitalmarkets,capitalmarketshavebecomeincreasinglyreflecteditsoptimizedresourceallocationfunction,controlasaveryscarceresource,tooptimizetheconfiguration,andfurtheroptimizationofthecapitalmarketanddevelopmentandimpr
2、ovementofthemarketeconomyhasplayedakeyrole.WiththecontinuousdevelopmentofChina'smarketpowerandperfectionofthetransferofcontrolofenterprisesbothinquantityandqualityhavemadeconsiderabledevelopmentandcontinuousimprovement.Especiallyfromthecountryin2005sincetheimplementatio
3、nofthesplitsharereform,thefaceofChina'sstate-ownedcapitalstrategicwithdrawal,thetransferofcontroloflistedcompanieshasbecomeanimportantwaytoexpandthesizeofthelistedcompanytoachieveitslong-termstrategicobjectives.Transferofcorporatecontrol,duetothestrongsecurityshellandPa
4、ulwithmotivation,thenewcontrollingpartynecessarilyneedtoimprovetheefficiencyandeffectivenessofitsoperations,inordertomaximizeprofitsandshareholdervaluemaximization,andinvestmentdecisionsarecompanyexecutivesOneofthemostimportantdecisionstomake,becausethecompany'sinvestme
5、ntandfinancingdecisionshaveaverysignificantimpactonhowmuchoftheircashflow,orevenrelatedtothecompany'sfuturedevelopment.Therefore,thestudyofthetransferofcontroloflistedcompaniesinChinaimpactonlistedcompaniestoinvestinefficiencyisparticularlyimportant.Firstly,thetransfero
6、fcontrolofalistedcompany'sdevelopmentprocess,elaboratesthemacroeconomiccontextofthisstudy,thenbydomesticandforeignscholarshavestudiedtheliteraturesummarizedcomb,summedthesituationsofaracademialatestresearch.Secondly,thispaper,thebasictheoryofcontroltransfer,thetransfero
7、fcontrolwouldaffecttheefficiencyofinvestmenttheoreticalanalysisandempiricaltesting.Study,wefirstclassicalmodelbyinvestinginefficiency,thecompany'sinvestmentefficiencyofsampleempiricaltest;Onthisbasis,inordertoeliminatetheimpactofchangesinChinaAccountingStandardsforthefi
8、ndingsof2006,wechosein2007tobetween2014andlistedentitieslistedentitycontrollingshareholdersincreasetheproporti
