The quality of company operation is the foundation of the healthy development of capital market. Effective company control is helpful to improve the quality of the company's operation, improve the efficiency of resource allocation and improve the efficiency of capital utilization. Generally speaking, the company's control right is to realize the appointment and dismissal of the main managers of the enterprise, the decision-making power and supervision power over important business management activities through voting rights. The holder of control right can rely on this power to make the company run in a way that conforms to its will and interests and benefit from it. Therefore, the exercise of control rights can bring control rights interests, and control rights interests themselves become the carrier of control rights interests. Therefore, the right of control has corresponding value. As a valuable resource, control right is scarce, so it is traded between the holder and the competitor. As a special kind of exchange, the control right has realized the flow and transfer through the market, and the continuous transaction has contributed to the formation of a special control right market. As an important part of the external mechanism of corporate governance, the study of corporate control market is also an important category of corporate governance research. Internationally, the research on corporate control market is very mature, and there are many documents, and a complete theoretical system has been basically established. In China, the theoretical research on the corporate control market is in recent years, and the existing literature mostly focuses on mergers and acquisitions, but the corporate control market is a resource allocation market, and mergers and acquisitions are only a very important content, not the whole of the corporate control market. When China's capital market is undergoing major structural adjustment, the transaction and transfer of control rights are of great significance. ...