高科技企业控制权定价特征研究--基于知识-权力的视角  

An Empirical Research on the Pricing of Control in High-tech Companies:From the Perspective of Knowledge-power

作　　者：张媛春[1] 邹东海[1] 

机构地区：[1]山东大学经济学院,山东济南250100

出　　处：《证券市场导报》2011年第8期26-30,40,共6页Securities Market Herald

基　　金：中国博士后科学基金(项目批准号:20090461245);山东省博士后创新项目专项基金(项目批准号:200903081);山东大学自主创新基金(项目批准号:2009GN013)

摘　　要：本文对2003-2009年我国191起控制权交易事件进行了实证研究,发现高科技公司的控制权交易定价存在明显特征:高科技公司的控制权价格相对低于其他非高科技公司的价格;并且,高科技公司的控制权价格受到股权交易比例因素更强的负向影响作用。本文认为,知识在高科技企业中具有核心作用,由知识产生的权力使得知识拥有者实际上弱化了控制权股东的权力,从而降低了高科技企业控制权的价格。本文的研究揭示了企业的特殊行业属性亦是控制权价格的影响因素之一,从而为认识企业控制权的定价提供了一个新的视角。This paper empirically studies the pricing of 191 block trades of control between 2003 and 2009. High-tech companies have obvious characteristics： the price of high-tech companies control is relatively lower than the price of other non-high-tech companies; moreover, the proportion of equity trading has a stronger negative impact on the price of high-tech company control. This paper argues that knowledge has a central role in high-tech companies, and the power generated by the knowledge makes the people who have knowledge actually weaken the power of control shareholders, thereby reducing the prices of high-tech companies. Our study reveals that special industry attribute is also one of the factors affecting control pricing, which provides a new perspective to interpret the price of corporate control.

关 键 词：高科技企业 控制权交易 实际控制权 

分 类 号：F276.5[经济管理—企业管理]