CAJ | 학술논문

本文以2004—2006年大宗股权协议转让公司为研究样本，以股权转让溢价间接测度控制权私有收益，研究了上市公司实际控制人性质对股权转让溢价程度的影响。研究发现政府控股公司的股权转让溢价显著低于非政府控股公司，中央政府控股公司股权转让溢价显著低于地方政府控股公司，没有发现地方政府行政级别与其所控公司的股权转让溢价存在显著关系。这些结论表明不同层级政府实际控制人的目标函数差异及利益选择偏好，是股权转让溢价程度出现横截面差异的重要原因。这些结论为我国现阶段股权分置改革建立起的自由流通交易平台的交易实质提供一个新的解读视角。
본문이2004—2006년대종고권협의전양공사위연구양본，이고권전양일개간접측도공제권사유수익，연구료상시공사실제공제인성질대고권전양일개정도적영향。연구발현정부공고공사적고권전양일개현저저우비정부공고공사，중앙정부공고공사고권전양일개현저저우지방정부공고공사，몰유발현지방정부행정급별여기소공공사적고권전양일개존재현저관계。저사결론표명불동층급정부실제공제인적목표함수차이급이익선택편호，시고권전양일개정도출현횡절면차이적중요원인。저사결론위아국현계단고권분치개혁건립기적자유류통교역평태적교역실질제공일개신적해독시각。
Focusing on the negotiated share transferring activities from 2004 to 2006, the paper uses the share transferring premium to measure the private benefits of control and study how the property characteristic affects the transferring price. We find that the share transferring premium in companies controlled by governments is significantly lower than the companies controlled by non-governments. And the share transferring premium of the listed companies controlled by the central governments is lower than that in the companies controlled by the local governments. We don＇ t find significant difference between the different levels＇ local governments. These conclusions will provide another elucidative perspective for the trading substances of free transferring platform built by the Reform of Non-tradable Shares of our country.