实际控制人性质、政府目标与股权转让溢价——基于大宗股权协议转让的经验证据  

The Character of Factual Controllers,Government Goal,and Share Transferring Premium——the Evidence from the Negotiated Share Transfer

作　　者：薛玉莲[1] 谢香兵[1] 乔薇[2] 

机构地区：[1]河南财经政法大学会计学院 [2]南京大学商学院

出　　处：《南方经济》2011年第2期28-37,共10页South China Journal of Economics

基　　金：教育部人文社科重点研究基地基金(06JJD630015);国家自然科学基金(71072084)的资助

摘　　要：本文以2004-2006年大宗股权协议转让公司为研究样本,以股权转让溢价间接测度控制权私有收益,研究了上市公司实际控制人性质对股权转让溢价程度的影响。研究发现政府控股公司的股权转让溢价显著低于非政府控股公司,中央政府控股公司股权转让溢价显著低于地方政府控股公司,没有发现地方政府行政级别与其所控公司的股权转让溢价存在显著关系。这些结论表明不同层级政府实际控制人的目标函数差异及利益选择偏好,是股权转让溢价程度出现横截面差异的重要原因。这些结论为我国现阶段股权分置改革建立起的自由流通交易平台的交易实质提供一个新的解读视角。Focusing on the negotiated share transferring activities from 2004 to 2006, the paper uses the share transferring premium to measure the private benefits of control and study how the property characteristic affects the transferring price. We find that the share transferring premium in companies controlled by governments is significantly lower than the companies controlled by non-governments. And the share transferring premium of the listed companies controlled by the central governments is lower than that in the companies controlled by the local governments. We don＇ t find significant difference between the different levels＇ local governments. These conclusions will provide another elucidative perspective for the trading substances of free transferring platform built by the Reform of Non-tradable Shares of our country.

关 键 词：实际控制人性质 政府目标 股权转让溢价 

分 类 号：F275.4[经济管理—企业管理]