我国上市公司控制权私有收益的实证分析

The Empirical Analysis of Private Benefits Control of Listed Companies in China

以上市公司非流通股协议转让事件为样本,分析股权的转让价格,发现样本公司的平均转让价格高于净资产价值近12%。同时对影响转让价格的因素进行回归分析,发现随着股权转让比例和流通股比例的上升,转让价格也随之上升,转让溢价高低与企业规模和净资产收益率成反向变动,与市场中介组织和法律制度环境指数成正向变动。

In this paper, non-tradable shares of listed companies negotiated transfer of the incident as a sample to analysis the equity transfer price. We found that the samples of the company＇s transfer price is higher than the average net asset value of almost 12%. At the same time, the transfer price of the factors affecting regression analysis and found that the share transfer ratio and the rise in the proportion of tradable shares, the transfer price will also rise, the transfer of premium level and the scale and net assets yield to the rate changes into reverse, and the market intermediaries organizations and the legal system into a positive change in environmental index.