摘要
本文以迄今为止最完整的样本考察了1993年至2002年上市公司控股权转移的基本情况和交易特征。除控股权转移公司和转移交易的一系列特征之外,本文还发现,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;控股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,国有控股权的转移价格较高;股东权益对转移溢价率有负面影响,控股权转移数量有正面影响,新兴行业公司的控股权转移溢价率高于传统行业公司。
Based on an overall sample ever so far, this paper gives a general picture of the corporate takeover cases taking place from 1993 to 2002. It also explores the characteristics of takeover transactions. In addition to a series of characteristics of target companies and takeover transactions, this paper has the following findings as well: (1)State_owned acquiring parties bought and held higher percentage of shares than non_state_owned acquiring parties did. This implies that state_owned acquiring parties takeover actions were suffered more from the governmental intervention, while non_state_owned acquiring parties takeover actions were more speculation motivated; (2)Book Value per Share and Return on Equity of target companies, the higher the transfer price, while the higher the Number of Shares outstanding, the lower the transfer price. The transfer price of state_owned controlling shares was higher than that of the non_state_owned controlling shares; and (3) as to the premium rate of transferred shares, the Shareholders' Equity had negative influence, while the Number of Shares Transferred influenced positively. The transfer price of the controlling shares of the companies in developing industries was higher than that of the companies in developed industries.
出处
《北京交通大学学报（社会科学版）》
2005年第1期26-32,共7页
Journal of Beijing Jiaotong University(Social Sciences Edition)
关键词
控股权转移
交易
特征
takeover
transaction
characteristics
