上市公司的股权结构、控制权溢价及其影响因素分析

本文从我国上市公司的股权结构入手分析控制权溢价的形成机制和影响因素。认为我国上市公司独特的股权结构所造成的大股东控制和内部人控制,使我国的控制权市场更多的表现为大股东和内部人获取控制权溢价的场所,而我国控制权转移中经常采用的协议转让方式又为控制权溢价的实现提供了便利条件。此外,股权转让比例、目标公司规模等因素影响了控股股东和内部控制人控制权收益的预期,从而影响了控制权溢价。

Captal Srtucture,The Price of Control Benefits and It's Influence Factors In Chinese Listed Firms

This paper try to inquire the rationales which make the price of China's corporate control benefits, through finding out the relationship between the capital structure and the corporate control benefits. The unique capital structure in China's corporate result to the corporate controlled by the large share holder and the manager. So the control market in China is more often than not the place where the large share holder and the manager got private benefit through control transfers. And the negotiated transfer manner which is adopted in most china's control transfers is helpful to got private control benefits. It is the factors which affect the expectation of the big share holder or the manager that affect the price of the control benefits.