Abstract: 282 samples about the control rights transferring in the mergers and acquisitions of listing companies between 1997 and 2001 were selected.Average abnormal returns(AR) and cumulative abnormal returns(CAR) during the course of announcement on the control rights transferring were analysed empirically.The results were shown as follows:(1)Information signalling effects in the interval of [-2,2]about control rights transferring of listing companies mergers and acquisitions were achieved completely.(2)Returns changing trends hold:returns were positive significantly in the announcement information signalling periods;With times passing by,returns were negative significantly from the eyes of the medium and long run;On the whole,performances weren’t improved during the course of control rights transferring of the listing companies mergers and acquisitions.(3)Statistical tests about the results as above were very significant.

Key words: control rights transferring, announcement effects, mergers and acquisitions of the listing companies