With the sample of negotiated block trades from 2000 to 2004, we analyze the impacts of governance intervention and regional financial liberation on block share value. We find out that policy burden will decrease the price of block shares. However, this negative effect is not significant for private firms. The result provides evidences for the theory of grabbing hand and makes us understand more deeply the impact of governance intervention on the firms of different ownership types. We also find out developed financial market would heighten the transferring price of the block shares. This result shows that developed financial system as a mechanism to protect property can improve corporate efficiency through constraining the manager behaviors.