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Value of Corporate Control: Evidents from Equity Transaction in China's Non-negotiable Stock Market

机译:企业控制价值:中国不可转让股票市场的股权交易证明

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摘要

This paper explores the controlling transaction and non-controlling transaction in China's non-negotiable stock market. The value of corporate control by the adjusted prices of two kinds of transaction is estimated. The average value is 39%, which is above the international level. The data also indicates that due to the weak efficiency of Chinese stock market and faultiness of corporate government, the value of corporate control is only positive with size of the firm and negative with market value of negotiable stocks of the same company. Debt does not affect the value of corporate control.
机译:本文探讨了中国不可替代股市的控制交易和非控股交易。估计了两种交易价格调整后的企业控制价值。平均值为39%,高于国际层面。该数据还表明,由于中国股市效率疲软,企业政府的缺点,企业控制的价值仅为公司规模的积极态度,也是同一公司的可转让股票的市场价值。债务不会影响公司控制的价值。

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