我国上市公司控制权转移溢价的主要影响因素分析

Analysis of Influence Factors on Control Right Transferring Premium for Listed Companies in China

收购公司向目标公司支付的控制权溢价的多少往往对并购的成功起着十分重要的作用。本文研究了我国上市公司控制权转移溢价的影响因素,认为影响控制权转移溢价的因素主要包括外部的法律制度、资本市场、政府干预程度和公司内部治理结构、资本结构、资本规模及财务指标的水平,并针对完善我国上市公司控制权转移溢价提出了相应的政策建议。

Control right transferring premium always plays an important role in merger and acquisition activities.This paper studies factors influencing the control right transferring premium for the listed companies in China and holds that the external factors include legal systems,capital markets,government intervention and the internal factors include corporate governance,capital structure, capitalization and profitability levels.Finally some policy-concerned proposals are put forward aiming at improving the control right transferring premium for the listed companies in China.