CAJ | 학술논문

本文对2003—2009年我国191起控制权交易事件进行了实证研究，发现高科技公司的控制权交易定价存在明显特征：高科技公司的控制权价格相对低于其他非高科技公司的价格；并且，高科技公司的控制权价格受到股权交易比例因素更强的负向影响作用。本文认为，知识在高科技企业中具有核心作用，由知识产生的权力使得知识拥有者实际上弱化了控制权股东的权力，从而降低了高科技企业控制权的价格。本文的研究揭示了企业的特殊行业属性亦是控制权价格的影响因素之一，从而为认识企业控制权的定价提供了一个新的视角。
본문대2003—2009년아국191기공제권교역사건진행료실증연구，발현고과기공사적공제권교역정개존재명현특정：고과기공사적공제권개격상대저우기타비고과기공사적개격；병차，고과기공사적공제권개격수도고권교역비례인소경강적부향영향작용。본문인위，지식재고과기기업중구유핵심작용，유지식산생적권력사득지식옹유자실제상약화료공제권고동적권력，종이강저료고과기기업공제권적개격。본문적연구게시료기업적특수행업속성역시공제권개격적영향인소지일，종이위인식기업공제권적정개제공료일개신적시각。
This paper empirically studies the pricing of 191 block trades of control between 2003 and 2009. High-tech companies have obvious characteristics： the price of high-tech companies control is relatively lower than the price of other non-high-tech companies; moreover, the proportion of equity trading has a stronger negative impact on the price of high-tech company control. This paper argues that knowledge has a central role in high-tech companies, and the power generated by the knowledge makes the people who have knowledge actually weaken the power of control shareholders, thereby reducing the prices of high-tech companies. Our study reveals that special industry attribute is also one of the factors affecting control pricing, which provides a new perspective to interpret the price of corporate control.