Research On Value Evaluation Of Control Rights Of Listed Companies

Due to the special economic system in China,the development of the equity structure of listed companies has a relatively special phenomenon: the equity is generally highly centralized and the state-owned holding accounts for the absolute economic advantage.In retrospect of the economic system reform since the reform and opening up,the split share structure reform ended the dual share structure.It can be said that the reform was an epoch-making node symbol and realized the full circulation of the securities market.In this context,with the increasingly mature capital market and the concentration of industry resources,mergers and acquisitions events are increasingly frequent.As the process of merger and acquisition often involves the transfer of equity,equity transaction pricing plays an increasingly important role,and the different evaluation methods will have a subtle influence on the evaluation results.For the equity acquisition event with the transfer of control,there will be a more complex situation,and different trading objects and trading scenarios will have a significant impact on the value assessment of control.In addition to the issue of equity pricing,it will also involve the "tunneling" risk of ultimate controlling shareholders to external minority shareholders.Therefore,how to prevent controlling shareholders from encroachment of interests is a key issue in corporate governance,and also a key concern of the capital market.First of all,this article fully to control at home and abroad for reference,the value of research results,system organize related literature,on this basis to the control values of Chinese listed companies as the research object,the concept of control and the control value and summarized in this paper,the connotation,and control of various evaluation methods are summarized.Secondly,it carries out theoretical research on the control right and the value of control right,analyzes the reasons for the emergence of control right and the theoretical support behind it,summarizes the realization approaches of the value of control right,and finds that the ultimate shareholders may form different ownership structures in the process of obtaining PBC.Then the driving factors of the value of control right are classified and discussed to pave the way for the subsequent establishment of joint correction coefficient framework.Among them,the driving factors of control value can be divided into two parts,one is macro driving factors,the other is micro driving factors.Macro factors mainly come from outside the company,such as legal system environment,industry characteristics,and the level of national economic accounting.From the micro point of view,mainly from the capital structure,profit status,equity concentration,enterprise scale and equity transfer ratio and other aspects of the impact of the value of control to analyze the degree.Thirdly,the limitations of the three basic methods in asset valuation are expounded,and the traditional three methods cannot be simply applied to the valuation of control right.Finally,on the basis of theoretical analysis,the exogenous variable correction coefficient and endogenous variable correction coefficient are established,and the BH model is modified jointly to re-establish the control right value evaluation model.Compared with the Black-Scholes real Option model in the income method(hereinafter referred to as the "B-S model"),the error rate of the corrected BH model is lower,only 1.01%.It can be proved that the modified BH model is helpful to improve the accuracy of valuation of control rights,and then improve the transaction pricing in the process of transfer of control rights.To sum up,this paper finds that the value of control right exists widely in the actual capital market,and the BH model based on driver factor modification can be used to effectively evaluate the value of control right.This paper takes control right as an asset from different perspectives,breaks through the three traditional methods of asset evaluation,and innovatively proposes to construct an exogenous variable and endogenous variable correction system,and to evaluate the value of control right by combining the BH model in large equity transactions.By exploring the influence mechanism of the value of control right,this paper is helpful to the equity transaction and transfer pricing of control right in the capital market,so as to ensure the smooth progress of merger and acquisition and optimize the utilization degree of social resources.Reasonable pricing of control rights can help protect the interests of external small and medium-sized shareholders,improve corporate governance,help small and medium-sized shareholders who lack the right of discourse to realize the economic value of control rights,and avoid controlling shareholders’ excessive encroachment on the interests of stakeholders when holding special shares.This paper provides sufficient support for further improving the governance structure of listed companies in China under the background of full circulation,restraining the tunneling behavior of ultimate shareholders,and protecting the interests of external investors.