上市公司控制权溢价影响因素的实证研究

发布时间：2018-01-04 06:31

本文关键词：上市公司控制权溢价影响因素的实证研究　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：伴随着我国股权转让市场的逐步完善,股权交易市场中控制权的转移交易成为一种普遍现象。上个世纪末以来,随着学者们对公司治理理论的深入研究,逐渐打破了在古典经济学领域中对“股权同质性”假设,即事实上,全部股东并非按照其所持股份比例享受同等比例的收益。在很多国家尤其是发展中国家,公司股权的分散程度不高,控股股东与中小股东所持股份比例差异性非常明显,而这一现实现状的存在,使得在相对集中的股权结构下,控股股东与中小股东之间的代理冲突也逐渐成为公司治理领域中委托代理理论的一个核心问题。自此,股权转移交易中的控制权转移交易溢价现象也开始为各方所关注。基于此,合理衡量上市公司控制权转让的溢价水平,并探讨控制权溢价现象产生的影响因素及形成机理,不仅能够提供有效控制不合理溢价的政策措施,以保护中小股东的利益,同时能够为进一步研究控制权转让定价问题提供科学依据。基于对相关理论基础和国内外文献的回顾,本文以2006至2013年间公布转让价格的上市公司股权转让交易为样本,通过采用大小宗股权配对交易差异法,度量出我国控制权溢价平均水平为34%,证实了我国上市公司控制权转让交易中存在显著的溢价现象。在影响因素方面,分别从目标公司财务特征、债权结构特征和治理结构特征三个维度建立多元线性回归模型对控制权转让溢价的影响因素进行回归分析,并得到以下主要结论： (1)对财务特征影响程度的研究发现,目标公司的资本密集度、现金比例、总资产收益率与控制权溢价水平显著正相关,股权代理成本与控制权溢价水平显著负相关,而公司规模与控制权溢价水平负相关,但是回归结果不显著,资产增长率以及财务杠杆与控制权溢价水平正相关,但是回归结果也不显著。 (2)对债权结构特征影响程度的研究发现,目标公司长期债务比例、商业信用负债方式与控制权溢价水平显著负相关,目标公司短期债务比例、银行借款负债方式与控制权溢价水平负相关,但是回归结果不显著。 (3)对治理结构特征影响程度的研究发现,目标公司的股权集中度与控制权溢价水平显著负相关,股权制衡度与控制权溢价水平显著正相关,内部控制质量评价指标与控制权溢价显著负相关,而目标公司董事会规模、独立董事比例、内部控制评价报告披露与否、事务所规模大小、审计意见类型与控制权溢价水平不相关。最后,基于上述分析结果,本文分别从加强部门监管、提高债权人监控力度以及完善公司治理机制方面提出相关政策建议,并指出论文研究的不足及展望。
[Abstract]:With the gradual improvement of the equity transfer market in China, the transfer of control rights in the equity trading market has become a common phenomenon. Since the end of 0th century, with the in-depth study of corporate governance theory by scholars. Gradually broke with the classical economics of the "equity homogeneity" hypothesis, that is, in fact, all shareholders do not enjoy the same proportion of their share of the income. In many countries, especially in the developing countries. The degree of dispersion of corporate equity is not high, the difference between controlling shareholders and minority shareholders is very obvious, and the existence of this reality makes the relatively concentrated ownership structure. The agency conflict between controlling shareholders and minority shareholders has gradually become a core issue of principal-agent theory in the field of corporate governance. The phenomenon of the premium of the transfer of control rights in the equity transfer transaction has also begun to be concerned by all parties. Based on this, the reasonable measurement of the premium level of the transfer of control rights of listed companies. The paper also discusses the influencing factors and forming mechanism of the phenomenon of control premium, which can not only provide effective policy measures to control unreasonable premium, but also protect the interests of minority shareholders. At the same time, it can provide scientific basis for further research on transfer pricing of control rights. Based on the review of relevant theoretical basis and domestic and foreign literature, this paper takes the stock transfer transactions of listed companies published from 2006 to 2013 as samples. By using the method of the difference of the right of control pairs, the average level of the control right premium in our country is 34. It is proved that there is a significant premium phenomenon in the transfer of the control rights of the listed companies in our country. In terms of influencing factors, the multiple linear regression model is established from the three dimensions of target company financial characteristics, debt structure characteristics and governance structure characteristics to analyze the factors affecting the transfer premium of control rights. The main conclusions are as follows: 1) the study on the influence of financial characteristics shows that the capital intensity, cash ratio, total return on assets and the level of control premium of the target company are significantly positively correlated. The cost of equity agency is negatively correlated with the level of control premium, while the size of company is negatively correlated with the level of control premium, but the regression results are not significant, asset growth rate and financial leverage are positively correlated with the level of control premium. But the regression results are not significant. 2) the study on the influence degree of creditor's rights structure found that the ratio of long-term debt, the way of commercial credit debt and the level of control premium were significantly negative, and the ratio of short-term debt of target company was negative. The way of bank borrowing debt is negatively correlated with the level of control premium, but the regression result is not significant. 3) the research on the influence degree of governance structure found that the ownership concentration of the target company is negatively correlated with the level of control premium, and the equity balance degree is positively correlated with the level of control premium. Internal control quality evaluation index and control premium significantly negative correlation, and target company board size, independent director ratio, internal control evaluation report disclosure or not, the size of the firm. The type of audit opinion is not related to the level of control premium. Finally, based on the above analysis results, this paper respectively from the strengthening of departmental supervision, improve the monitoring of creditors and improve the corporate governance mechanism of the relevant policy recommendations, and pointed out the deficiencies and prospects of the paper.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

【参考文献】