治理环境、政府控制和控制权定价--基于中国证券市场的实证研究

Institutional Environment, Government Control and the Pricing of Control Right: Evidence from Chinese Listed Companies

本文以我国上市公司2001-2004年间的经验数据为样本,实证分析了治理环境、政府控制对控制权交易定价的影响。研究发现,较好的治理环境会降低控制权的交易价格;对政府控制企业的控制权定价显著高于非政府控制的企业;股权制衡程度越高,对控制权的支付价格越低。进一步研究还表明,治理环境对控制权定价的负向作用在政府控制的企业中更为显著、影响更大。本文对理解转型经济中制度环境对公司治理的影响提供了有益视角。

This paper explores the effect of institutional background in transitional economies. Using empirical data on Chinese listed companies from 2001 to 2004, this paper analyses the impact of institutional environment and governmental control on the pricing of control rights. We find that： a better institutional environment tends to decrease the price of control rights; the pricing of control rights of government controlled companies are significantly higher than that of the non-government controlled companies; and buyers will pay lower prices for control rights when ownership balance is higher. From further analysis by classifying samples according to the type of controller, we find that the institutional environment＇s negative effect on the pricing of control rights is more significant and larger in sub-samples of government controlled companies than in non-government controlled companies. These results shed light on the institutional environment＇s effect on corporate governance in transitional economies.