公司控制权溢价理论研究

发布时间：2018-01-21 07:47

本文关键词： 公司控制权控制权溢价管理期权　出处：《吉林大学》2013年硕士论文　论文类型：学位论文

【摘要】：近几年，随着资本市场的不断发展，我国公司股权市场也在逐步完善，而在公司股权交易的过程中，控制权的转移是一种比较常见的现象。根据一般的理论研究，公司股份持有人应该按照其拥有的股份比例取得与其所持有股份相对应的收益，但是，事实上并非如此。控股股东在选择董事会和任命管理层、决定红利发放数额、决定投资方向和相应资金来源、管理可支配现金流量以及决定津贴数额、清算和出售的自由选择权等方面具有决定权，从而在交易具有控制权的股份时，得到与其所持股份比例不相称的额外收益，也就是控股股东的管理期权所带来的价值。因此，只有对控制权溢价进行全面、系统地研究，明确其产生影响因素及机理，才能采取有效的措施进行监督。首先，文章在充分研究国内外相关文献的基础上，深入理解了相关理论，分析了控制权比例、实际控制、公司内部治理结构的约束和外部监督等影响控制权溢价的因素及其价值；其次，研究了公司控制权溢价的形成机理；最后，应用管理期权相关理论和方法，，对公司控制权的管理期权价值进行分析，构建了基于管理期权的公司控制权价值评估理论模型，并应用这一理论模型，提出基于中国市场的控制权溢价测度模型。本文的创新之处在于国内学者将控制权溢价一般归结为控股股东利用其所拥有的控制权谋求私利的结果，对此，本文并不完全认同。本文认为，控制权溢价很大程度上还来源于控制权所带来的管理期权价值，并且基于管理期权理论模型，在充分考虑公司控制权溢价的影响因素后，构建了公司控制权溢价的评估模型。
[Abstract]:In recent years, with the continuous development of the capital market, our company equity market is also gradually improving, and in the process of corporate equity trading. The transfer of control rights is a relatively common phenomenon. According to the general theoretical research, the shareholders of a company should obtain the income corresponding to the shares they hold according to the proportion of the shares they own, but. In fact, this is not the case. The controlling shareholder chooses the board of directors and appoints management, determines the amount of dividends to be paid, determines the direction of investment and the corresponding source of funds, manages the available cash flow and determines the amount of the allowance. The free option for liquidation and sale, etc., has the discretion to obtain additional benefits that are not commensurate with the proportion of shares held in the transaction of shares in which control is exercised. Therefore, only through a comprehensive and systematic study of the premium of control rights, and clear of its influencing factors and mechanism, can effective measures be taken to supervise it. First of all, based on the full study of domestic and foreign literature, the article deeply understand the relevant theory, analyze the proportion of control rights, actual control. The factors influencing the premium of control rights such as the restriction of the internal governance structure and the external supervision of the company and its value; Secondly, the formation mechanism of corporate control premium is studied. Finally, applying the theory and method of management option, this paper analyzes the value of management option of corporate control right, and constructs the value evaluation model of corporate control right based on management option, and applies this theoretical model. A control premium measurement model based on Chinese market is proposed. The innovation of this paper lies in the fact that domestic scholars generally attribute the control premium to the result that controlling shareholders use their control rights for private gain. This paper does not fully agree with this. To a large extent, the premium of control also comes from the value of management options brought by the right of control, and based on the theory model of management options, after fully considering the factors affecting the premium of control rights of the company. The evaluation model of corporate control premium is constructed.
【学位授予单位】：吉林大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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