公司价值、资产收购与控制权转移方式

控制权转移是一个历史性的问题,控制权转移方式则是控制权转移问题的核心内容之一。本文在考虑控制权转移之后的资产收购行为的基础上,立足中国独特的制度背景,对中国特有的上市公司控制权转移方式进行研究。研究结论表明,相对来说,无偿转让公司的现有价值比较高,并且公司未来发展较为乐观;而有偿转让的大多是现有价值低并且目前看来发展前途较为悲观的公司;有偿转让公司在控制权转移之后更可能发生收购资产的行为;从总体上看,收购资产所产生的收益能够显著地提高公司价值,并且有偿转让公司所收购资产对价值的贡献较无偿转让公司要高。以上结论表明,价值高的公司一般不会采用有偿方式进行转让,而新股东之所以愿意有偿购入价值低的公司,后续收购资产而使公司价值显著提高则是其重要原因之一。

Company's Value,Assets Purchase and the Ways of Control Right Transfer

Control right transfer (CRT) is a historical problem, and the way of CRT is one of the kernel contents in this transfer. Based on contemplation of the behavior of assets purchase after CRT and on China's distinctive system background, we in this paper will make a study of China's specific way of CRT of listed companies. Our study indicates that, relatively, the present value of free-transfer companies (FTC) is higher, and the future of these companies is rosy; that lower is the present value of most companies of transferors-with-compensation (COTWC) whose future seems somewhat bleak at present; that COTWC will possibly purchase assets after COTWC's CRT; that taken as a whole, the yield from assets purchase can increase companies' value appreciably; and that the contribution-to-value of the assets purchased by COTWC is greater than by FTC. The above conclusion shows that, generally, a high-value company will not make a transfer by means of compensation, but a free transfer; and that the subsequent purchase of assets for the purpose of raising company's value noticeably is one of the reasons for new stock owners' willingness to buy—not to get free of charge—companies with low value.