上市公司控制权价值的实证研究被引量：129

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摘要本文以控制权交易和小额股权交易的价格差额来估算我国上市公司控制权价值。研究结果显示,我国上市公司的控制权价值平均为24％左右,稍高于国际水平。根据中国股市特殊的制度背景和股权结构,我们认为这种控制权价值主要来自于大股东对公司的“掏空”行为以及公司本身具有的“壳”价值。本文还发现,公司盈利状况和现金流动性对控制权价值具有正向影响,而控制权竞争程度则对控制权价值具有负向影响。

作者施东晖

机构地区上海证券交易所研究中心

出处《经济科学》 CSSCI 北大核心 2003年第6期83-89,共7页 Economic Science

关键词上市公司控制权价值中国投票权股票控制权交易小额股权交易公共收益私有收益

分类号 F832.5 [经济管理—金融学] F276.6

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参考文献8

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