对中国上市公司控制权溢价的实证分析

The Demonstration Analyses of Control Premium of China's Listed Companies

运用2001-2004年的样本数据。在对中国上市公司控制权的隐性利益水平所进行的分析显示，中国上市公司的转让溢价水平除了与转让比例呈正相关以外，转让溢价水平与净资产收益率、现金比率、流通股数和公司规模均呈负相关。同时，随着转让比例的上升，一开始溢价比例会增加，但当转让比例达到一定程度时，溢价比例又会下降，溢价比例与转让比例之问是一种倒U型的非线性关系。

The analyses of recessive interest level of China＇s listed companies, based on the specimen Data of 2001-2004, shows that there are positive correlation between transferring Premium of China＇s listed companies and transferring proportion, meanwhile there are negative correlation between transferring premium and Rate of Return on Common Stockholders＇ Equity, cash rate, the amount of circulation stock, scale of company. Moreover, with the transferring proportion increasing, the premium will increase at the very start, however it will drop when transferring proportion reaches a certain degree. There is “U” non-linearity relation between premium proportion and transferring proportion.