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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 motivation of the acquirer in the transfer of non-tradable shares and the market response of the equity transfer. By analyzing the 307 non-tradable shares transfer transactions that occurred between 1997 and 2003, this paper finds that the acquirer acquired a large amount of non-tradable shares in order to obtain the control of listed companies. When the acquirer becomes the largest shareholder of the company after the transaction, the premium of the transfer price over the net book assets is higher. The market has a positive reaction to the transfer of the equity agreement and the excess return on the outstanding shares of the company exists only when the acquirer becomes the largest shareholder after the transaction. This shows that the market believes that only the acquirer with control can improve the company’s value. The acquirer’s control generally facilitates the acquisition of listed companies and their tradable shareholders.