我国上市公司控制权私有收益实证分析  

Empirical Analysis on the Private Benefits of Control of Chinese Listed Companies

作　　者：张舒[1,2] 

机构地区：[1]北京交通大学经管学院,北京100044 [2]广西财政厅企业处,广西南宁530021

出　　处：《广西财经学院学报》2010年第2期45-50,共6页Journal of Guangxi University of Finance and Economics

摘　　要：通过2003-2007年沪深两市812起非流通股转让事件估计我国控制权私有收益。研究发现,我国证券市场整体控制权私有收益水平达17.87%;ST公司控制权私有收益高达31.38%,远大于正常经营公司的15.06%;关联交易控制权私有收益达20.03%,高于非关联交易的15.98%。41宗配对样本控制权私有收益平均水平达9.20%,正值比例为41.46%。独立样本2003-2006年控制权私有收益水平呈逐年递增趋势,2007年略有下降;正常经营公司和非关联交易公司变化趋势与其基本一致。Through 812 transfer events of non - tradable shares in Chinese stock market during 2003 - 2007, this paper made estimation for the private benefits of control（PBC） of listed companies. Empirical results showed that the overall PBC of Chinese stock market is 17.87% ; of which ST companies is up to 31.38%, much higher than that of the normal operating companies＇ 15.06% ; PBC of affiliate transaction is 20. 03%, higher than that of the non - affiliate transaction＇ s 15.98%. PBC of 41 one - to - one samples is 9.20%, and the positive proportion is 41.46%. For independent samples, PBC increased year - to - year from 2003 to 2006, and slightly decreased in 2007, which is basically in accord with the trend of normal operating companies and non - afffiiate transaction companies.

关 键 词：上市公司 控制权交易 小额股权交易 控制权私有收益 

分 类 号：F235.2[经济管理—会计学]