流通股协议转让有悖于股权分置改革的目的吗——基于控制权私有收益的视角

Whether the Negotiated Tradable Share Transfer Was Disobeyed the Original Intention of Non-tradable Shares Reform——Based on the Perspective of Private Benefits of Control

采用2006～2010年的数据,对比分析流通股协议转让、流通股集中竞价转让和非流通股协议转让三种方式对转让溢价的影响。研究发现,协议转让股权的方式存在诸多弊端:协议转让流通股比集中竞价转让流通股更容易引发实际控制人的套利行为;无论股权的流通性如何,只要股权交易方式不具公开性,政府权力寻租仍旧存在;与股改前协议转让非流通股相比,协议转让流通股加剧了非政府实际控制人的代理问题,对政府实际控制人的创租行为有所抑制。

This paper make a contrastive analysis of the negotiated tradable share transfer,bids for tradable share and negotiated non-tradable share transfer with the data in 2006-2010,and finds the way of negotiated transfer have many abuses： Negotiated tradable share transfer induces more private interest arbitrage than bid for tradable share;Rant-seeking still exists no matter that the stake can readable or no,as long as the way of share transfer in private;Compared to negotiated non-tradable share transfer,negotiated tradable share transfer makes the agency problem of non-government controller more severity,but restrains the rent creation of government controller.