| 公司资本结构与控制权转移价格的实证研究 |
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| 引用本文： | 阎晓春.公司资本结构与控制权转移价格的实证研究[J].华东经济管理,2005,19(5):73-77. |
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| 作者姓名： | 阎晓春 |
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| 作者单位： | 同济大学,经济与管理学院,上海,200092 |
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| 摘 要： | 文章以我国A股市场2001—2003年发生控制权协议转让的上市公司为样本,对控制权转让价格及溢价率的影响因素进行了实证分析和检验,重点分析资本结构的影响。回归结果表明:目标公司的每股净资产越高,控制权转让价格越高;股权性质影响控制权转让价格,法人股转让价格高于国有股;其
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| 关 键 词： | 资本结构 公司控制权 公司控制权转移价格 |
| 文章编号： | 1007-5097(2005)05-0073-05 |
| 收稿时间： | 3/7/2005 12:00:00 AM |
| 修稿时间： | 2005年3月7日 |
Capital Structure and the Price of Corporate Control Transfer:An Empirical Analysis |
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| YAN Xiao-chun.Capital Structure and the Price of Corporate Control Transfer:An Empirical Analysis[J].East China Economic Management,2005,19(5):73-77. |
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| Authors: | YAN Xiao-chun |
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| Institution: | College of Economics and Management, Tongji University,Shanghai 200092,China) |
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| Abstract: | This paper examines a large sample of corporate control transfer cases that took place in A share market in China over the period from 2001 to 2003. We focus on the effect of capital structure on the transfer price and the premium obtained by target's shareholders. The model shows that PNE is positively related to the transfer price; price of corporation-owned shares is relatively higher than that of state-owned shares; other variables have noevident impact on the price. DEBT is positively related to the premium, which validates in a degree Managerial Model of Capital Structure; premium decreases with EPS; share quality influences the premium through EPS and PNE; the positive correlation between insider's share proportions and the premium is not proved. |
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| Keywords: | capital structure corporate control price of corporate control transfer |
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