中国上市公司控制权转移收益问题实证研究

通过模型和实证手段，分析了十年来我国上市公司控制权转移收益问题．研究表明，从总体上看，我国上市公司控制方获得了巨大的收益．对国有股减持等待期限和定价政策等对控制权收益的影响程度也进行了定量分析．这些研究既对国家制定相关的政策有一定的借鉴意义，也有利于交易双方对转让价格有一个科学合理的界定．

An Empirical Research of Controlling-Rights Earnings of the Listed Companies in China

Transferring of controlling-rights of listed companies is relevant to the state stock reduction,corporate governance structure and pricing of state assets of stock market. The earning from transferring controlling-rights of the listed companies in China during the recent ten years was analyzed by the methods of models and evidences. The research results show that the controllers of the listed companies have obtained great earnings. Meanwhile, the effect degree of waiting deadline of the state stock reduction and pricing policy on controlling-rights earning was also quantitatively studied. The research in this paper can give a reference to some extent for drawing up relevant policies, also contribute to make a legitimate limitation of transferring price for the two transaction parties.