上市公司控制权交易溢价的计量考察及其影响因素探析

通过分析我国上市公司非流通股转让交易中控制权交易与小额股权交易在转让价格上的差异，对上市公司控制权价值进行定量分析表明，上市公司控制权价值约为17．4％左右，与国际平均水平接近。根据控制权价值的影响因素分析，这种控制权价值主要来自上市公司本身具有的壳价值。非流通股股权转让的溢价水平与转让比例、流通股比例、总资产规模和净资产收益率负相关，与流通股规模、资产负债率、转让后的控股比例和每股现金量正相关；而流通股规模与控制权价值正相关，流通股比例和上市公司的总资产规模与控制权价值溢价负相关。

Exploitation on Measurement Investigation of Exceeding Trading Price in Controlling Rights of Listed Companies and Its Influence

The value of corporate control for listed company is measured by means of the price difference between non - current controlling and small block state - owned stock equity. Findings in this paper indicate that the value of corporate control is about 17% which is close to average international level and mainly derived from the shell resource of the listed company. The non - current share transfer premium is positive correlated to such factors as transfer proportion, circulating common share proportion, total assets and returns of equity, negative correlated to such factors as non - current share size, capital liability ratio, and control- ling proportion by the shareholder. However, the premium of corporate control is positive correlated to circulating share size and negative correlated to circulating share proportion and total assets.