Referring to the method of financial data and method of long-term excessive holding gains,this paper studies the long-term performance of corporate control right transfer and the influence factors of long-term holding gains.

The Empirical Study of the Long-run Extra Stock Returns of the Listed Corporate Recombination in Different Recombination Forms;

By subjecting the holding period returns to various alternative benchmarks,a tendency of underperformance is found to be strikingly evident on that market within a period of one to five years after the initial public offering(IPO).

Measuring the price-earnings ratio of share is important for determining the expected holding-period return which can be used as a basis for valuing any portfolio.

The result shows that the announcement of seasoned equity offering in advance causes negative abnormal return of the share price of listed companies and also shows the low degree of market identification of seasoned equity offering of listed companies.

We take abnormal return as the main topic of this paper.

According to the hypothesis of weak-form market efficiency ,it is impossible for the investor to gain abnormal return by making use of out-dated price information .