控制权私人收益计量模型:剖析与应用

Measuring Model of Private Benefits of Control:Analysis and Application

本文首先数理分析了控制权私人收益与控制权溢价之间的逻辑关系及Barclay ＆ Holderness控制权私人收益计量模型的内在理论依据，并探讨了该计量模型在我国的适用性问题。然后本文提出一个适应我国资本市场特点的修正控制权私人收益计量模型。最后本文采用修正后的计量模型，以深沪两地股票市场1995～2004年间共发生231项涉及控制权转移的大宗股权交易为样本，对我国上市公司的控制权私人收益进行了计量和影响因素分析。研究发现，我国上市公司的平均控制权私人收益为0．081。控制股东持股比例越高，其获取的控制权私人收益越大；公司规模越小，控制权私人收益越大；公司财务状况越差，控制权私人收益越大。

Based on the concepts of private benefits of control （ PBC）, this paper presents a basic model to analyze theoretically the intrinsic relationship between private benefits of control and control premium, In addition, this paper probes into the applicability of measuring model of PBC pioneered by Barclay ＆ Holderness, Inaddition, this paper brings forward an amendatory measuring model of PBC suitable for Chinese capital market. Finally, selecting samples of 231 controlling block trades from 1995 to 2004, this paper measures the average PBC of China listed companies and analyses the influence factor of PBC. The PBC of China listed companies is 0. 081, and it is positive correlative with control right, while negative correlative with corporate size and the financial position.