所有权性质、政治关联与股权转让溢价

The Nature of Ownership,Political Connection and the Premium of Share Transfer

本文以2004—2006年间发生的我国上市公司股权协议转让事件为样本,研究所有权性质、政治关联对股权转让溢价的影响。研究发现,国有股权的协议转让溢价显著高于民营企业股权的转让溢价。这说明,由于各级政府和监管部门对国有股权监管力度较大,以及国有股权受关注较多,使得国有股权在协议转让过程中会出现较明显的溢价。研究还发现,无论国有股权还是民营企业股权,协议转让溢价与公司的政治关联均负相关,这表明政治关联的存在,不仅会影响公司国有股权的运作,还可能影响民营股权的价值。

With the empirical study of listed companies’ stock right agreement transfer from 2004 to 2006 in our country,this paper analyzes the relationship among the nature of ownership,political connection and the premium of share transfer.The research shows that the premium of state-owned shares was much higher than that of private shares.That means governments and regulatory institutions at all levels severely monitor state-owned shares which also receive much more public attention.Additionally,the research indi-cates that there was negative relationship between a company’s political connection and the premium of share transfer,and that the political connection affects the operation of both state-owned shares and private shares.