摘要
本文评论了国际上关于衡量控制权私人收益的三种方法:价格溢价、控制权价值和控制权分布与控制权溢价相结合的方法。本文认为,价格溢价方法适应于公司股票全部流通并且实行一股一票制度,而控制权溢价方法适应于现金流量权与投票权分离的公司制度。控制权分布与控制权溢价结合的方法更具有一般性,适合于衡量现金流量权与投票权分离或一致两种情况下的私人收益。
The paper reviews and comments on three approaches to measure private benefits of control rights. We find that price premium is suitable to measure private benefits from a company which adopts one share-one vote system and whose shares can be all traded in security market. The premium of control rights approach is well applied to a company which separates cash flow rights from voting rights. And premium of control rights with distribution of control rights, as a more general approach, can be applied to both one case corresponding cash flow rights with voting rights and another case separating cash flow rights from voting rights.
出处
《辽宁大学学报(哲学社会科学版)》
北大核心
2008年第6期107-111,共5页
Journal of Liaoning University(Philosophy and Social Sciences Edition)
基金
国家教育部人文社科重点研究基地项目<中国上市公司控制权的私人收益:衡量
分析和国际比较>的阶段性研究成果
关键词
控制权的私人收益
价格溢价
控制权溢价
控制权分布
private benefits of control rights
price premium
premium of control rights
distribution of control rights