上市公司信息披露质量与超控制权收益关系的实证研究

Empirical Research on Relationship between the Quality of Information-disclose and the Profit of Dominant Control Right by Listed Companies

对2005-2007年深圳证券交易所发生控制权转让的上市公司的实证研究显示,控股股东的超控制权收益水平与上市公司股权转让期间信息披露质量的平均水平显著负相关,对最终控制人的股权制衡情况与超控制权收益显著正相关。研究表明,加强对上市公司控制权转让期间的信息披露的监管,以及构造对最终控制人进行股权制衡的结构,可以显著降低控股股东侵害中小投资者而获得的超控制权收益的水平。

Empirical research on the shifting of the control right among listed companies taking place in 2005 to 2007 in Shenzhen Stock Exchange shows that the profit level of the controlling shareholders＇ dominant control right is negatively correlated with the average level concerning the quality of information-disclose during the shifting of the control right and positively correlated with controlling the end controllers＇ share and with the profit of dominant control right.The research shows that to strengthen the inspection on information-disclose during the shifting of listed companies＇ control right and to establish the check and balance structure of controlling the end controllers＇ share can control the share profit level of the dominant controllers by harming the medium and small investors.