文档介绍：上市公司控制权转移的实证研究
陈晋平
(中国保险监督管理委员会,北京 100032)
摘要:本文考察了1993年至2002年中国上市公司控制权转移的基本情况和交易特征。本文发现,国有收购方的受让比例和实际持股比例均高于非国有收购方,这可能是由于国有收购方受到较强的行政干预,而非国有收购方具有更强烈的投机性动机所致;控制权转移公司的每股净资产和净资产收益率对转移价格有正面影响,而总股本有负面影响,国有控制权的转移价格较高;股东权益对转移溢价率有负面影响,控制权转移数量有正面影响,新兴行业公司的控制权转移溢价率高于传统行业公司。
关键词:控制权;股权转让;上市公司;
作者简介:陈晋平,管理学博士,研究方向:公司财务。
中图分类号: 文献标识码:A
Abstract:This paper gives a general picture of the corporate control transfer cases taking place from 1993 to 2002. It also explores the characteristics of corporate control transactions, and has the following findings as well: state-owned acquirers bought and held higher percentage of shares than non-state-owned acquirers did. This implies state-owned acquirers’ takeover behavior suffered more from governmental intervention, while non-state-owned acquirers’ takeover behavior were more speculation motivated; the higher the Book Value per Share and Return on Equity of panies are, the higher the transfer price is; while the higher the Number of Shares Issued is, the lower the transfer price is. The transfer price of state-owned controlling shares was higher than that of non-state-owned controlling shares; and as to the premium rate of transferred shares, the Shareholders’ Equity had negative influence on it, while the Number of Shares Transferred had positive influence on it. The transfer price of controlling shares panies in developing industries