摘要
以发生控制权转移的上市公司为研究样本,并且将样本细化为内部控制权转移和外部控制权转移以及总体三类样本,在对控制权收益进行重新度量的前提下,运用多元线性回归模型,在控制股权集中程度、股权制衡程度以及国有股比例、法人股比例等因素的基础上,考察了公司层面的股权结构特征——控制权和现金流权分离程度等因素对控制权转移收益的影响。结果表明,两权分离程度是影响控制权转移收益的重要因素,并且为负向,反映了控股股东对现金流权的偏好;另外,考虑资本成本补偿的控制权转让收益度量指标更能反映控股股东的实际控制权转让所得,对模型更具解释能力。
On the basis of controlling ownership concentration, ownership competition as well as state ownership ratio and enterprise ownership ratio, this paper investigates the effects of ownership structure especially the separation of control right and cash flow right to the private benefits of control, and the regression result indicates that the separation of control right and cash flow right has dramatic negative effect to the private benefits of control, which is the key conclusion of this paper, inflecting that controlling shareholders prefer cash flow fight to control right. Additionally, measurement of private benefits of control which considers compensation to capital cost of the corporate is superior theoretically and empirically.
出处
《上海管理科学》
CSSCI
2012年第4期82-86,共5页
Shanghai Management Science
基金
教育部人文社会科学研究项目
批准文号:05JA790017
关键词
控制权转让收益
股权结构
两权分离程度
Benefit of controlling right tronsfering
Ownership structure
Seperation of ownership right from controlling right
