Research On Valuation Of Control Value Of Listed Companies In China

With the rapid development of China's capital market,the market for control of listed companies in China is constantly being formed,expanded and improved.Development in external control market,the transfer of control of listed companies will be more market-oriented direction,and then to the "equity-based mergers and acquisitions,the coexistence of multiple modes" market model.Replacing unqualified management through the transfer of control is also an important way to solve the agency problem.Reasonable transfer of control rights not only helps to reflect the true value of the enterprise,but also promotes the improvement of corporate governance structure.It is also conducive to maximizing the wealth of shareholders and the healthy,orderly and stable development of China's securities market.However,at present,China's control market development is still not complete,its supervision is not comprehensive enough,and the level of corporate governance is not high enough either.The transfer of control has become an important means for controlling shareholders to occupy small and medium investors and other stakeholders.As the case of transfer of control rights increases year by year,it is important to study and analyze the value of control rights and related issues,which is of great significance for optimizing the company's governance structure,improving the efficiency of control transfer,regulating the transfer of control rights,and promoting the healthy and steady development of the control market.This paper mainly uses the combination of theoretical analysis and empirical analysis to explore the root causes and formation mechanism of control rights,analyze the transfer of control rights and the value of control rights in transfer,and further explore the influencing factors of the value of control rights.The main research contents of this paper are as follows:(1)Research on the Literature of Control Rights and Control Benefits.Discusses the domestic and foreign scholars' research on the source of control income,the measurement method of control value and its influencing factors,and analyzes and adopts the commonality,and further discusses the differences,and based on the control market transfer market of listed companies in China for targeted research.It is concluded that the value of control rights during the process of equity transfer mainly includes shared income,private income and shell resource value.The shared income is the income that both the controlling shareholder and the non-controlling shareholder can share,while the private income is the exclusive benefit of the controlling shareholder,mainly reflected by the controlling shareholder's interest encroachment on the minority shareholders.The control value measurement method mainly includes three types of methods:voting rights premium method,bulk equity premium method,and large and small equity trading difference method.In view of the actual situation in China,this paper selects the third method.For the influencing factors of the value of control rights,domestic and foreign literatures are studied from the macro and the micro level.However,the empirical regression results of specific influencing factors are inconsistent.Based on the actual situation of China and the research basis of the predecessors,this paper selects 11 indicators for empirical analysis,among which 8 indicators have significant correlation,and there is no correlation between the three indicators and the value of control rights.(2)Research on the theory of control and the current situation.This paper is based on the theory of separation of powers,and then studies the theory of property rights.Finally,it analyzes the market of control rights in China.The research focuses on the second type of agency problem and the impact of property rights theory on corporate governance and control transfer.Furthermore,it analyzes the theory of control market and by summarizing the data of China's equity transfer in the past 20 years,the status quo of China's control rights and its difference with the foreign control market are analyzed.(3)Empirical Analysis of the Value of Control.This paper selects the market-based equity transaction events such as agreement transfer,tender offer and securities trading from listed companies in China from 2005 to 2018 as separate samples for independent sample analysis and paired sample analysis.Through descriptive statistical analysis,paired test and regression analysis,the value of the control value of listed companies in China in the past ten years is 15.67%-30.02%,the average is about 22.7%,and the private benefit value of the control of listed companies in China is 20.2%.(4)Analysis of factors affecting the value of control.This paper selects 11 influencing factors that can be quantified for empirical analysis.Among them,the Roe and control competition has a significant positive impact on the value of control at the level of 1%,and the assets has a significant negative impact on the value of control at the level of 1%.At the level of 5%,agency cost and actual controller change satuation has a significant positive impact on the value of control,but EPS has a significant negative impact.At the level of 10%,the ratio of assets and liabilities has a significant positive impact on the value of control,but the BPS has a significant negative impact.There is no significant correlation equity transfer ratio,operating cash flow per share,shareholding ratio after transfer and the value of control.