大宗股权转让、溢价补偿与再融资

Block Share Transfer,Compensation of Premium and Refinancing

以大宗股权转让且控制权转移的上市公司为研究对象,考察通过支付溢价获得控制权后控制性股东通过上市公司进行再融资与攫取控制权收益来补偿溢价支付之间的内在关系。以1997~2003年股权转让相关数据为基础,就4种方法计算控制权溢价水平,所得结论一致支持控制权转移以溢价方式进行。研究发现,控制性股东通过再融资攫取控制权收益来补偿溢价支付,回归分析表明溢价水平与预计募集资金总额正相关;控制性股东对配股和增发方式的时间偏好上存在差异,且所制定的再融资方案与再融资方案的市场整体水平相比更为激进,例如更高的发行价格和融资比例。研究发现,再融资能够有效地补偿溢价支付,并且增发方式下的补偿效率更高。

The premium transfer of control rights means that control rights could bring additional revenue.What＇s the inter linkages between the purpose of refinancing and controlling shareholder compensating control premium through snatching benefits of control after transfer of control of listed companies are inadequate.Based on the data from 1997 to 2003,we use three methods to calculate control premium and the conclusions support the transfer of shares in premium manner again in which the premium of block transfer of shares with the transfer of control are much higher,and the subsequent two years nearly 60% of the companies established refinancing programs with more radical plans compared with the average,such as higher prices and the financing size.The study found that refinancing is an effective compensation premium payment,and seasoned equity issues is more efficient.Regression analysis also found that there are positive relationship betweens premium levels and the equity transfer pricing,circulated share ratio,predict financing size and negative relationship between premium levels and new assets per share.