制度环境、控制权私利与流通权价值——来自我国上市公司股权分置改革的证据

文章借助我国上市公司的股权分置改革事件,运用控制权私利理论,分析了经济制度对流通权价值的影响。控制性股份的价值由现金流量的要求权和控制权私利两部分构成。流通性的提高总是能够提高现金流量权的价值,但由于控制权的专有性,上市流通对控制权价值的影响条件依存于控制权私利的大小。控制权私利越大,上市流通对控制性股份的价值的影响越小,从而控股股东愿意支付的对价越低。将经济制度作为公司控制权私利的外生决定变量,实证检验的结果与上述预期相符。

Institution Environment, Private Benefit of Control Right and Value of Circulation:Evidence from the Split Share Structure Reform of Listed Companies in China

Using theory of private benefit of control right,this paper investigates the economic institution’s impact on the value of circulation referring to the event of the split share structure reform in China.The value of controlling shares includes cash flow requirements and private benefit of control right.Improvement of circulation always increases the value of cash flow.Because of the exclusive right of control,value of circulation depends on the size of private benefit of control.The higher value of private benefits,the smaller impact of shares circulation on the value of controlling shares,which lowers the consideration level the controlling shareholders are willing to pay.Taking economic system as exogenous variables,the empirical test supports expectations above.