上市公司控制权溢价与中小投资者保护

上市公司中控股股东往往会利用控制权溢价为自己谋求私利,从而损害了中小股东的利益。在运用2002-2006年的样本数据,对中国上市公司控制权的隐性利益水平所进行的实证分析,结果表明中国上市公司的转让溢价与转让比例呈正相关,与转让溢价水平与净资产收益率、现金比率、流通股数和公司规模均呈负相关。同时,随着转让比例的上升,一开始溢价比例会增加,当转让比例增大达到一定程度时,溢价比就会随之下降。用法律或制度安排保护中小股东以及或者形成较为分散的股权结构对于保护中小投资者权益更为有利。

Control Premium of Listed Companies and Protection of Small and Medium-sized Investor

The controlling shareholders of listed companies tend to take advantage of the control premium to seek their own interests,detrimenting the interests of small and medium-sized shareholders.The paper carries out empirical analysis of the level of hidden benefits of control right of China′s listed companies by use of 2002-2006 sample data.The result shows transfer premium is positively correlated with transfer ratio,and is negatively correlated with the level of transfer premium,return rate of net assets,cash ratio,the number of shares in circulation and company size.Meanwhile,with the rising of transfer proportion,the proportion of premium will increase first,and then the proportion of the premium will decrease when it get to a certain degree.Protecting minority shareholders through the legal or institutional arrangements,and forming dispersed ownership structure are more conducive to small and medium-sized investors.