摘要
基于资本资产定价模型角度,本文认为控制权收益为市场组合收益与控制权的风险溢价之和。进一步,利用中国沪市A股上市公司的数据样本,本文度量了A股上市公司控制权收益的大小以及研究了控制权收益的影响因素。研究发现,控制权收益的影响因素表现出很强的年度差异特征,并且影响控制权收益的程度表现出递减的趋势。
Based on CAPM, this paper argues that the benefit of control fight equals the sum of market portfolio income and control investing risk premium. Further, the paper numerically measures the benefits of control right of listed companies in China Shanghai A stock market. The researches find out that the influencing factors show distinct yearly variation and that they have diminishing tendency in influencing the benefit of control fight.
出处
《财经科学》
CSSCI
北大核心
2008年第5期32-39,共8页
Finance & Economics
基金
教育部博士点基金项目(20060610048)
