摘要
本文分析了非流通股协议转让中收购方的动机以及股权转让的市场反应。通过分析1997年到2003年间发生的307次非流通股协议转让交易,本文发现收购方收购大量非流通股是为了获得上市公司的控制权。当收购方在交易后成为公司第一大股东时,转让价格相对于账面净资产的溢价较高。市场对股权协议转让有正面的反应,并且公司流通股的超额回报仅当收购方在交易后成为第一大股东时才存在。这说明市场认为只有具有控制权的收购方才能提高公司价值。收购方的控制总体上有利于被收购的上市公司及其流通股股东。
This paper analyzes the purchasers incentives in the negotiated trades of non- tradable shares and market response to the share trades.By examining 307 negotiated trades of non-tradable shares between 1997 and 2003,we find that the power to control listed corpo- rations is what the purchasers want to obtain by acquiring large blocks of non-tradabh shares of listed corporations.In many trades,purchasers who previously are not large shareholders become the first or the second largest shareholders afterwards....
出处
《中国会计评论》
2007年第3期343-366,共24页
China Accounting Review
关键词
股权转让
控制权
公司收购
Share Trade
Corporate Control
Corporate Acquisition
