上市公司控制权溢价影响因素实证研究

发布时间：2018-02-19 18:42

本文关键词： 控制权溢价企业质量私人收益　出处：《北京交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：在传统的公司财务理论中,我们普遍认为的是公司所有的普通股都是平等的,每个股东手中所拥有的每股股权都是一样的,每股所代表的权利和收益是一样的。但随着对证券市场的研究进一步深入,在分析股东所拥有的收益时,我们发现,大股东除了可以享受一般股东可以享受的共享收益外,大股东还可以拥有比一般中小股东更多的收益,而且这种收益只有大股东才能享有,中小股东都无法享有。这就是我们通常意义上说的控制权私人收益。而想要获取这种私人收益,大股东就必须要拥有该公司的控制权。为了获取这种控制权,控股股东在获取之前就要额外的多付出一定的成本,这就是在控制权转移的过程中所产生的溢价。目前,国内外很多学者都对控制权溢价进行了理论和实证研究,控制权溢价已经成为资本市场上关于公司理财、公司治理方面的核心概念之一。国外学者对控制权溢价问题进行了诸多研究,在很多方面做出了杰出的贡献。在国内,由于我国资本市场还不够完善,很多学者都是在借鉴国外学者理论研究的基础上提出自己的看法和意见,显然在研究中还存在着很多的不足之处,这都需要不断地改进和深化。本文在总结前人理论研究的基础上,以我国2003年-2013年沪深上市公司中发生控制权转移的140家数据为研究样本,以控制权发生转移过程中所产生的控制权溢价为研究对象,对控制权溢价的度量方法进行阐述,控制权溢价影响因素进行分析,并对这些影响因素进行实证研究,并希望这些理论研究结果对我国股票市场的发展有所贡献。本文主要是从企业内部和企业外部两个方面寻找影响控制权溢价的因素,企业内部因素包括企业的质量,控制性股东对公司的控制力程度以及其他会影响到控制权溢价的内部因素。企业外部因素包括法律环境,政策环境,上市公司的壳资源,企业所处地理位置,当地的资源状况、交通状况、地域优势以及可持续发展能力等方面。由于有些因素无法用定量指标来衡量,所以笔者在对控制权溢价影响因素进行实证分析的过程中,主要是从企业内部因素来考虑的。在对样本数据进行描述性统计和回归分析后,笔者得出了以下结论： (一)从目标公司的财务影响因素看,偿债能力和获利能力出众的公司,该公司大股东有能力获得更高的个人私利,控制权溢价会高些。但营运能力强的公司,内控也非常健全,公司治理水平较高,大股东要获得个人私利难度可能会较大,所以控制权溢价也会低些。 (二)目标企业规模越大,虽然表面上财务管理能力会更好,但是,规模越大,企业受到来自政府部门,机构投资者,社会各方面的监督和关注越多,企业的监管力度会更大,控制性股东想要获得更多私人收益的难度也会加大,所以,企业规模越大,控制权溢价水平越低。 (三)控制性股东对目标公司控制力的大小在很大程度上是影响到控制权溢价的,控制性越强,控制性股东获取的在职消费和各种有形无形的特权就会越多,基于这种利益,控股股东就愿意花更多的成本来取得控制权。但是,如果在有其他有分量的大股东制约性很强的情况下,控股股东的私人收益不能得到满足,此时,控股股东就不愿意花那么多的成本来获取控制性权力了。
[Abstract]:In the traditional company ' s financial theory , we generally agree that all the ordinary shares of the company are equal , and the share of each share is the same , and each share the same earnings per share . In order to gain such control , it is necessary for the big shareholders to have the control of the company . In order to get the control right , the controlling shareholder has to pay a certain amount of cost before acquiring . This is the premium that is generated in the transfer of control . At present , many scholars both at home and abroad have conducted theoretical and empirical research on the premium of control right , and the control premium has become one of the core concepts in the capital market on corporate finance and corporate governance . Many scholars have made outstanding contributions to the premium of control right in foreign countries . In China , because China ' s capital market is not perfect , many scholars have put forward their own opinions and opinions on the basis of studying abroad scholars ' theoretical research . Obviously , there are many shortcomings in the study , which need to be continuously improved and deepened . Based on the summary of the previous theories , 140 data of control transfer occurred in the Shanghai - Shenzhen listed companies from 2003 to 2013 were studied , the control premium generated during the transfer process was analyzed , and the influencing factors were analyzed , and the impact factors were analyzed and the results of these theories were expected to contribute to the development of China ' s stock market . In this paper , we find out the factors that affect the premium of control right from both inside and outside the enterprise . The internal factors of the enterprise include the quality of the enterprise , the controlling shareholder ' s control ability of the company and other internal factors that affect the control right premium . The external factors include the legal environment , the policy environment , the shell resources of the listed company , the geographical position of the enterprise , the local resource condition , the traffic situation , the geographical advantage and the sustainable development ability . ( 1 ) From the financial impact factor of the target company , the company with outstanding ability and profitability , the company ' s big shareholder has the ability to obtain higher personal gain , the control right premium will be higher . But the company with strong working ability , the internal control is very sound , the corporate governance level is high , the big shareholder wants to get the personal gain difficulty may be larger , so the control premium will also be lower . ( 2 ) The larger the target enterprise , the greater the financial management ability on the surface , the larger the scale , the more supervision and attention from the government departments , institutional investors and the society , the greater the regulatory power of the enterprises , the greater the difficulty of controlling shareholders seeking more private income , the larger the size of the enterprise , the lower the control premium level . ( 3 ) The greater the controlling shareholder ' s ability to control the target company , the more control the controlling shareholder will be willing to spend more on the active consumption and the tangible intangible privileges acquired by the controlling shareholder . However , the controlling shareholder will not be willing to spend so much cost to acquire the control power .

【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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