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我们以市净率股票估值理论为基础,在对“资本利得控制权私有收益”概念进行界定后提出了控股股东资本利得控制权私有收益的计算方法,并利用该方法建立了回归模型对2005-2011年间控股股东二级市场的套利收益率进行实证检验。实证结果表明有控股股东在利用大盘的波动进行高抛低吸的同时还会借助手中所掌握的控制权优势操控上市公司的业绩或利用提前预知业绩的信息优势进行套利,从而达到获取超额的资本利得控制权收益的目的。
Based on the valuation theory of the book value ratio, we define the calculation method of the private benefits of the capital gains control of the controlling shareholder after defining the concept of “private gain of the capital gain control”, and use this method to establish the regression model Empirical test on the rate of return of arbitrage on the secondary market of controlling shareholders from 2005 to 2011. Empirical results show that the controlling shareholder arbitrarily takes advantage of the controlling power of listed companies to control the performance of listed companies or take advantage of the information predisposition of performance prediction in order to achieve excess capital The purpose of profit control gain.