我国上市公司控制权转移大股东私人收益研究

发布时间：2019-05-22 09:23

【摘要】：股权分置改革以后，我国的控制权市场逐渐建立起来，，但由于我国上市公司普遍存在“一股独大”的现象，使得控股股东很容易通过手中的控制权获取私人收益。本文从2006-2011年我国A股市场发生控制权转移的上市公司中选取了92家样本数据分两种情况进行研究，并得到以下结论：（1）我国上市公司在控制权转移时，原控股股东获得的私人收益均值约为32.56%-44.90%。且在上市公司控制权发生转移期间，流通股股价在公告日前后会发生较大的变动，公告日前20天获得的累积超额收益率明显大于公告日后20天的累积超额收益率。由于流通股价格的波动使的控股股东获取的私人收益在配对样本中为6.17%，在独立样本中为6.98%。表明控股股东确实利用控制权转移事件为自己谋取私人收益。（2）控股股东所掌握的控制权、目标公司规模与控制权转移大股东私人收益正相关，且回归结果显著。（3）目标公司的资产负债率、股权制衡度与控制权私人收益负相关，且回归结果显著。流通股比率与控制权私人大股东私人收益负相关，但在配对样本中不显著。（4）目标公司每股收益与控制权转移私人收益负相关，但回归结果不显著，（5）目标公司净资产收益率与控制权转移私人收益正相关，但回归结果在配对样本中不显著，在独立样本中显著。
[Abstract]:After the reform of the share-trading system, the control market of our country is gradually set up, but because of the common "a very large one" of the listed company in our country, the controlling shareholders can easily get the private income through the control right in the hand. In this paper,92 sample data are selected from the listed companies of the control transfer of the A-share market in China from 2006 to 2011, and the following conclusions are obtained: (1) The average value of private income obtained by the original controlling shareholder is 32.56%-44.90 when the control of the listed company is transferred. %. During the transfer of the control right of the listed company, the share price of the tradable shares will change greatly before and after the announcement date, and the accumulated excess return rate obtained in 20 days before the announcement date is obviously greater than the accumulated excess income of 20 days after the announcement date The rate is 6.17% in the paired samples and 6.98 in the independent sample due to the fluctuation of the price of the tradable shares. %. It is shown that the controlling shareholder does use the control transfer event to seek private collection for himself Benefiting. (2) The control of the controlling shareholders, the size of the target company and the transfer of the large shareholder's private income are positively related, and the return to the resolution (3) The debt-liability ratio of the target company, the balance degree of the equity and the private income of the control right are negatively correlated, and the return The result is significant. The ratio of the outstanding shares is negatively related to the private income of the private large shareholders of the control of control, but in the case of the counterpart This is not significant. (4) The target company's earnings per share are negatively related to the transfer of control over private gains, but The return results are not significant. (5) The return of net assets of the target company is positively related to the transfer of the private income, but the return results are not significant in the paired samples
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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