中国上市公司大股东侵害度实证分析

本文选择了 1 999年到 2 0 0 1年间 ,沪深两市 88家上市公司共 90项大宗国有股和法人股转让事件作为样本 ,分析股权的转让价格 ,发现样本公司的平均转让价格高于净资产价值近 3 0 %。笔者对影响转让价格的因素进行了多变量线性回归分析 ,发现随着转让股份比例的上升 ,转让价格也随之上升 ,并且在统计上显著 ;转让溢价高低与企业规模成反向变动 ,并在统计上显著 ;企业获利能力与溢价高低成反比 ,但没有发现在统计上显著。本文最后对大股东侵害度进行了国际比较。

A Study on the Expropriation Degree of Large Shareholders of China's Listed Companies

In the period of 1999—2001,90 cases concerning the transaction of state-owned share and legal share have occurred among 88 listed companies in the two stock markets of Shanghai and Shenzhen.We take these cases as our research samples.After analyzing the transfer prices,we found the average transfer prices of the sample companies are 30 percent higher than their net asset value.The authors then conduct the multi-variable linear regression analysis on the factors influencing transaction prices,and find that with the increase of percentage of share being transferred,the transfer price will go up,and be statistically significant.The transfer premium goes inversely with the scale of companies,and is statistically significant.Also,their profit capability goes inversely with the premium,but is statistically insignificant.In the end part of this article,we compared the expropriation degree in a global vision.