不同控制权性质下的大股东私人收益影响因素分析

Influencing Factors of the Private Benefits of Large Shareholders with Different Controlling Rights

以1998—2014年间在沪深两市发生控制权转移的215个国有控股上市公司的数据作为样本,并具体根据控制权买家的主体性质将其分为民营化及国有企业重组两个分样本。通过控制权转移过程中的股权溢价水平对不同控制权性质的上市公司大股东的私人收益水平进行间接估算与比较,并且对控制权私人收益的影响因素进行了分析与检验。结果发现,与国有控股企业相比,民营控股企业的控制权私人收益水平更高,且民营控股与国有控股在其私人收益的影响因素及影响强度上也存在差异。国有控股私人收益与净资产收益率及资产负债率正相关,与企业规模负相关,行业竞争度高的国有企业私人收益水平较低;而民营控股企业的私人收益则与净资产收益率和上市公司规模负相关。

Based on a sample of 215 Chinese state-owned listed companies th a t had controlling rights transferred either to private parties or other state-owned organizations from 1998 to 2014,the price premium of both types of buyers in controlling rights transfer was measured and compared, and the influencing factors of private benefits of controlling were analyzed and tested. It was found that the average private benefits of controlling in privatized companies are higher than those in state-owned restructured companies, and there exist differences between privatized companies and state-owned ones in the influencing factors and degrees for private benefits. The private benefits of controlling in state-owned restructured companies are positively related with ROE and l iabil ity/asset ratio, and negatively related with firm size. Furthermore,the private benefits of controlling of stateowned restructured companies in a more competitive industry are lower than those of other industries. On the other hand, the private benefits of controlling of privatized companies are negatively related with ROE and firm size.