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本文以我国2005—2008年存在控制性股权转让的69个上市公司为研究对象,从大股东对上市公司超控制权收益攫取的视角,研究了控制权成本补偿与超控制权收益的划分以及大股东收益对公司价值的影响。研究发现,在我国特殊的制度背景下,大股东在控制权转移过程中获取的控制权收益都是超控制权收益,其与公司价值之间存在明显的线性关系;我国存在控制性股权转移的上市公司的公司价值与现金流权比例正相关,与控制权比例不相关,与控制权和现金流权的分离度以及超控制权收益显著负相关,与公司规模、资产负债率等不相关。
This paper takes the 69 listed companies with controlled equity transfer in China from 2005 to 2008 as the research object. From the perspective of large shareholders’ taking over the gain of super-control of listed companies, this paper studies the division of control return and super-control return, The Impact of Shareholders’ Revenue on Company Value. The study finds that under the special institutional background of our country, the return of control right obtained by the major shareholder in the process of transfer of control right is the gain of super-control, which shows a clear linear relationship with the company’s value. In China, The listed company’s corporate value is positively related to the ratio of cash flow rights, not related to the proportion of control, and negatively related to the separation of control and cash flow rights and the profit of super-control, and is not related to the size of the company and asset-liability ratio.