资本结构对我国上市公司控制权溢价的影响

我国上市公司独特的资本结构决定了其独特的控制权配置,从而使我国的控制权市场较主流理论中控制权市场对公司治理的意义弱化了,我国控制权市场更多的表现为控制权增值的场所,控制权转移过程中成交价格与净资产值相比的溢价(或折价)即控制权溢价(或折价)反映了控股股东或内部控制人对未来从控制权中获取私人收益的预期,因此,影响控制权溢价的因素是影响控股股东或内部控制人预期的因素。

The Effect of Capital Structure on Chinese Listed Companies' Control Benefits

This paper inquires the rationales which make the price of Chinese corporate control benefits. It finds out the relationship between capital structure and corporate control benefits. Chinese capital stnlcture with the use of control market is different from that of developed markets.So it is more often used to chase private control benefits by big share holders or managers. It is the expectation of big share holders or managers that affect the price of corporate control benefits.