摘要
利用我国上市公司1997-2006年控制权交易溢价数据,本文度量了我国上市公司的控制权私利规模,发现我国控制权私利高于发达国家,但低于捷克、巴西、墨西哥等转轨和新兴市场国家。文章还对影响我国控制权私利规模的因素进行了实证检验,证明控制权买方特征、公司的负债率、公司规模和流通股占比对控制权私利具有显著影响。
Based on the data of trade premium of public corporations＇ control in China, the paper measures the size of private benefits of control. We find that the private benefits are higher in China than that in developed countries, but lower than that in some transition economies and some emerging market economies, such as Brazil, Czechic and Mexico. Factors that affect private benefits are tested by OLS. The purchasers＇ characters, the leverage and the size of the corporate, the ratio of unfloating stock to the total stock are significantly impacting the size of private benefits.
出处
《财经论丛》
CSSCI
北大核心
2008年第5期83-89,共7页
Collected Essays on Finance and Economics
基金
教育部人文社科规划基金资助项目(06JA790103)
关键词
控制权交易
交易溢价
控制权私利
trade of control
premium of trades
private benefits of control
