Empirical Research On Control Power Premium Of Chinese Listed Companies

The negotiating transfer of Chinese listed companies has become a centerpiece of the recent literature in corporate finance and corporate governance.The price is the focus for the lacking transparence and not regulatory in the negotiating transfer,and the control power premium is the key point.The discussion of the factors that influence the premiums of negotiating transfer is the foundation that we study the transfer price of the state-owned shares and offer scientific basis for accurately assessing the price of shares transfers.This article is just aimed at the above mentioned problems.Basing on the related theories and literature review, this article selects 87 items of the negotiating transfer events, happening from 2004 to 2005,of the state-owned shares exposed in the formal declarations as the research samples.Basing on the research of Dyck and Zingales (2004) 's model, the article analyze the factors that influence the premium by setting up plural linear regression model.The empirical results of this paper show that, the ratio of control power premium is 32．4% on average,and the value of control is 7．2% as of owner's equity. There are six of the factors that influence the premium. They are seller's financial distress, return on net assets(ROA), earning per share (EPS), net assets per share,total owes, The proportion of circulating stocks.Lastly, this thesis specifies its limitations and direction for further study.