摘要
以2002～2004年我国上市公司控制权转让交易为样本,对控制权转让溢价水平进行了实证分析,得出控制权转让溢价与转让股份比例成正比,与公司规模、公司现金比率、流通股股数、公司净资产收益率成反比.除现金比例外,其余变量对转让溢价水平的影响在统计上均显著等.
Based on the samples of China＇s listed companies from 2002 to 2004, we make an empirical study on the level of corporate control premium. The study shows the premium has a positive relation with proportion of transferred shares, and a negative relation with the size of company, the free cash ratio, the quantities of traded shares and ratio of equity. Except free cash ratio, others have a remarkable influence on premiums.
出处
《系统工程理论方法应用》
北大核心
2005年第6期509-513,共5页
Systems Engineering Theory·Methodology·Applications
基金
上海市社会科学基金资助项目(2005BJL005)
关键词
控制权私人收益
公司治理
上市公司
private benefits of corporate control
corporate governance
listed companies
