国有股转让折价:流动性限制与控制权收益——一项基于上市公司的经验研究

本文以1999-2001年沪市上市公司209项国有股股权转让事件为研究样本,从两个理论层面展开讨论股权转让折价的影响因素:国有股的流动性限制与控制权收益。研究发现,国有股权折价水平主要取决于公司经营的不确定性,公司较大的经营波动性,提高了股权转让折价水平,也正说明了转让折价主要是由于国有股权不可流通造成的;从控制权收益角度,本文发现公司规模、业绩对股权转让折价水平的影响是负向的。     

国有上市公司控制权私人利益问题研究

文章通过2006年到2008年间我国国有上市公司大宗股权交易的数据,对国有上市公司和非国有上市公司股权交易中的溢价问题进行对比,并对其中的控制权私人利益进行了度量。研究发现,在股权转让过程中国有上市公司比非国有上市公司存在更高的控制权私人利益水平,国有控股不利于中小股东利益的保护。     

ST公司控制权转让对经营绩效影响的实证研究

本文以ST公司的控制权转让为研究对象,采用实证方法分析控制权转让对ST公司经营业绩的影响,研究表明:控制权转让前一年,ST公司的业绩最差,表明ST公司总是等到最差的时候才会选择控制权转让的方式去改善业绩;控制权转让当年,业绩改善不明显,而控制权转让后的一、两年内,ST公司的业绩有显著的提高,主要是因为资源的整合效应需要一定时间,转让后一两年才会体现;转让后的第三年,公司的业绩出现了一定的回落,表明ST公司控制权的转让较多的注重短期效率。     

ST公司控制权转让对经营绩效影响的实证研究

本文以ST公司的控制权转让为研究对象,采用实证方法分析控制权转让对ST公司经营业绩的影响,研究表明：控制权转让前一年,ST公司的业绩最差,表明ST公司总是等到最差的时候才会选择控制权转让的方式去改善业绩;控制权转让当年,业绩改善不明显,而控制权转让后的一、两年内,S公司的业绩有显著的提高,主要是因为资源的整合效应需要一定时间,转让后一两年才会体现;转让后的第三年,公司的业绩出现了一定的回落,表明ST公司控制权的转让较多的注重短期效率。     

国有上市公司控制权转让问题研究

国有上市公司的剩余索取权和剩余控制权是分离的,在监督机制弱化、内部人控制严重的公司治理缺陷下,作为国有股东的代理人有动机和条件通过转让控制权谋取私利,处于劣势地位的受让方必然“贿赂”出让方,以期以较低的价格获得控制权这种稀缺资源,结果导致国有资产流失。因此,有必要完善国有上市公司的监管机制和用人机制,在公开竞价下进行控制权转让,并且强化信息披露制度。     

上市公司民营化:短期信号效应还是长期业绩改进

以2001—2010年深沪两市A股发生控制权转移的上市公司为样本,研究控制权转移事件中目标公司国有股东将股权转让给民营股东会对其短期市场反应和长期财务绩效产生何种影响。研究发现,无论控制权性质是否变化,并购都能够给目标公司带来显著为正的短期市场反应,民营化的公司市场反应更强。但是控制权转移完成之后,民营化并未比其他控制权转移的公司给目标公司带来更好的长期财务业绩。     

我国上市公司控制权转移价格与转移效率的相关性研究

本文以我国证券市场1997-2000年发生的所有协议转移、数据完整的控制权转移事件为样本,检验了控制权转移价格与转移效率的关系。研究发现控制权转移价格与控制权转移效率基本是正相关的,而在控制权转移后较短的一段时间内,控制权转移价格与转移效率是显著相关,之后二者的相关性就不明显了。这说明虽然我国上市公司的控制权转移溢价较高,但并未成为提高控制权转移效率的障碍,反而以较低转让价格取得上市公司控制权的公司需要慎重考虑其整合能力和未来的收益能力。     

上市公司控制权转让特征分析

一、引言 在现代公司的法人治理结构中,由于股权分散及搭便车问题的存在,股东在其和经理人员之间的委托代理关系中处于不利地位,而大股东的存在一定程度上缓解了这一矛盾,因而对公司股权结构的研究,特别是对大股东在公司治理结构中作用的研究越来越受到人们的重视.本文试图通过上市公司控制权市场的研究,从一个角度揭示所有制意义上股权结构对公司治理结构的影响.控制权市场在交易主体的行为特征、交易动机和价格形成机制方面所呈现出来的完全不同于发达证券市场上的某些特征,可能会冲击国内很多经验研究的数据基础.由于上市公司股权处于分置状态,上市公司控股股东持有的股份无一例外都是非流通的法人股股份(包括国家股、国有法人股和社会法人股),因此只能通过协议转让的方式进行,从这个意义上说,上市公司控制权市场本质上是协议转让的法人股市场.本文中,我们将公司控制权转让定义为第一大股东发生变更.     

企业控制权转移中的控制权溢价问题研究

上市公司控制权转移是现代公司治理与公司金融领域研究的重要内容之一。控制权转移定价是各方关注的焦点,而控制权溢价更是决定双方利益的关键。衡量我国上市公司的控制权溢价水平,探讨什么因素对其产生影响,是研究控制权转让定价问题的基础,也为准确评估转让定价提供科学依据。     

非国有股东委派代表之控制权理论探讨——基于混改高质量发展背景

以2007～2021年非国有股东向主板上市国企委派代表为研究对象,从国企、非国有股东及其委派的异质性代表等角度分析混改实践中非国有股东委派代表的现状。在此基础上,基于名义控制权与实际控制权理论视角,诠释非国有股东委派不同代表拥有不同控制权对国企生产效率的影响：委派普通董事或监事拥有更多的是名义控制权,而非实际控制权,委派高管拥有实际控制权,委派执行董事既拥有名义控制权又拥有实际控制权;实际控制权能够有效提升生产效率,如果仅拥有名义控制权而无实际控制权不能达到同样效果,名义控制权与实际控制权相结合对生产效率的影响程度最高。由于委派董事会受到持股比例的制约,而委派高管不受此限制,应鼓励非国有股东增加委派高管的比例,实现国企生产效率的提升。     

Motives for Intergenerational Transfers: New Test for Exchange

The question of motives for private transfers is one with important policy implications. The evidence from empirical literature has been mixed. This study proposes new tests and evidence of the “exchange motive.” It examines the key assumption on which the exchange motive model is built: that a donor's behavior is determined by his/her own expectation of receiving inter‐vivos transfers or bequests in return. Results from national data show that adult children's time transfers to their aging parents were positively associated with their expectation of inter‐vivos financial transfers, but not with their expectation of receiving bequests.     

A political-economy perspective on social expenditures: corruption and in-kind versus cash transfers

This paper presents a novel political-economy perspective on the composition of social expenditures. We take into account the possibility that institutions are weak, i.e. there is corruption, and analyze how this affects the government’s choice between cash and in-kind transfers. Our results show that the share of in-kind transfers (e.g. basic health care, public housing or food stamps), whose appropriation by corrupt politicians is more easily observed than in the case of cash transfers, increases with corruption. This positive relationship exists, however, only in highly democratic countries. We argue that voters use their political influence in democratic countries to ensure that a higher share of transfers is provided in kind thereby shielding transfers from appropriation by corrupt politicians.     

我国财政转移支付法律制度框架探析——基于国际比较视野

分税制改革以来,政府间转移支付在我国的财政体系中占有越来越重要的地位.与此极不相称的是,我国目前的转移支付制度的法律规范完全依靠中央政府特别是财政部以及地方政府相关部门的条例.这种无法(由全国人大及其常委会通过的法律)可依的局面亟待改变.本文利用新制度主义经济学的“委托-代理”交易成本分析框架,从理论上说明建立政府间财政转移支付法律框架的必要性,然后借鉴若干发达国家和发展中国家在转移支付法律建设上的实践经验,探讨我国的现状和改进的方向.     

Direct transfers between the former Soviet Union central budget and the republics: Past evidence and current implications

This paper examines the magnitude of direct transfers between the former Soviet Union central buget and individual republics. It shows that Kazakhstan and Central Asian republics were primary recipients of large net transfers of funds from the Soviet central budget amounting in some cases to about ten percent of their GNP. On the contrary, Russia was the single largest net donor of funds to the Soviet central budget through more transfers paid to the union budget than received from it, both in rouble terms and as a share of the GNP.With the dissolution of the central budget in November 1991, these transfers were discontinued. This has caused a dent in fiscal budgets and a large negative income shock in recipient republics. To some extent, external saving is suggested as the way to ease up the burden of the loss of income induced by the collapse of the fiscal system and the system of direct transfers within the former Soviet Union.     

Interfund linkage analysis: the case of the polish pension fund sector

Although fund activities whose target is to attract the members of rivals would seem to be very important for a proper evaluation of pension fund achievements, this topic has not been looked at by researchers. This paper presents an approach to assess the interfund effects of savings transfers based upon Polish tables of transfers published by the KNUiFE over the period from the fourth quarter of 2001 to the first quarter of 2004. Some useful indicators are suggested. By means of these indicators a taxonomy of pension funds operating in Poland was carried out. We also find which transfers of savings are the most important, i.e. which changes in the relative level of such transfers cause the largest perturbations in the whole pension fund sector.     

Cash transfers versus jobs programs

This paper uses a microsimulation computer model to compare the work incentive and distributional implications of public service employment programs and direct transfer programs. The simulation findings suggest that a pure direct transfer program would diminish poverty and inequality by somewhat more than an equal cost plan than combined direct transfers with a jobs program. Moreover, the results imply that a redistribution scheme based entirely on direct transfers is at least as effective per dollar of tax expenditure in raising incomes as a combination of direct transfers and jobs. Furthermore, the simulated job and direct transfer combinations were predicted to cause reductions in private sector earnings that are at least as large as those that would result from comparable schemes that relied solely upon direct transfers.     

Finite lifetimes,long-term debt and the fiscal limit

The U.S. faces exponentially rising entitlement obligations. I introduce a fiscal limit—a point where higher taxes are no longer a feasible financing mechanism—into a Perpetual Youth model to examine how intergenerational redistributions of wealth, the average duration of government debt, and entitlement reform impact the consequences of explosive government transfers. Three key findings emerge: (1) Growing government transfers cause more severe and more persistent stagflation than in representative agent models that do not capture intergenerational transfers of wealth; (2) A longer average duration of government debt pushes the financing of government liabilities into the future and reduces the short-run impacts of explosive transfers; (3) The time it takes the economy to rebound from a period of growing transfers increases exponentially with the number of years it takes to pass entitlement reform.     

Upstream intergenerational transfers in economic development: The role of family ties and their cultural transmission

I construct a model where upstream income transfers, from adult children to their old parents, are driven by a culture of strong family ties. This evolves endogenously, through a process of intergenerational cultural transmission. The two-way causal link between economic and cultural change can be a strong enough force to offset cultural substitution, thus generating path-dependent outcomes. These outcomes show that economic development is negatively related with upstream intergenerational transfers, and with the strength of family ties. On the one hand, the economy may follow a convergence path towards a low level of economic development, where adherence to strong family ties is the dominant characteristic of a culturally homogeneous population, and where the overall flow of intergenerational transfers is substantial. On the other hand, the economy may follow a different path of convergence towards a relatively higher level of economic development, where the population is more diverse in terms of their attitudes on family ties, and where the overall flow of intergenerational transfers is lower by comparison.     

A tale of two crises: Federal transfers and regional economies in Russia in 2009 and 2014–2015

We examine transfers from Russia’s federal government to the regions during the two recent economic crises. We show that while federal transfers in 2009 were large and targeted poorer regions, the 2014–2015 transfers were much smaller and not targeted. This policy shift was accompanied by a relatively greater decline in own revenues in the poorer regions and their worse economic performance overall. As a result, interregional budget expenditure inequality in Russia was significantly higher in 2014–2015 than it had been for years. This is important because regional budgets are responsible for a large share of investments, housing, education and healthcare.     

Pricing Internal Trade to Get a Leg up on External Rivals

The pricing of transfers from parent to subsidiary is an oft-explored issue. Linking the cost of internal transfers with external market prices is one common approach, typically justified when the market for the good is perfectly competitive. This paper shows that imperfect competition may also justify market-based transfer prices. Concern that transfer price will deviate from marginal cost and thereby distort subsidiary choices can lead a parent to undertake actions to influence the market price of the upstream good. Such efforts can provide a desirable strategic posture in the upstream market.