上市公司信息披露质量与超控制权

江汉大学学报（社会科学版） ›› 2011, Vol. 28 ›› Issue (1): 63-67.

上市公司信息披露质量与超控制权

刘立燕¹, 陈杰²

1.江汉大学商学院, 湖北武汉 430056;2.深圳证券交易所上市推广部, 广东深圳 518010

收稿日期:2010-05-27 出版日期:2011-02-12 发布日期:2013-12-31
作者简介:刘立燕(1973-), 女, 湖北武汉人, 江汉大学商学院副教授, 博士, 主要从事公司财务与公司治理研究; 陈杰(1980-), 男, 湖北潜江人, 深圳证券交易所上市推广部职员, 博士, 财政部财政科学研究所应用经济学博士后, 研究方向:金融监管。
基金资助:
教育部人文社科青年项目“控股股东超控制权收益的成因与规制研究:以中国上市公司为例”(10YJC790170);湖北省统计局科研计划项目“信息披露质量与我国上市公司超控制权收益关系的实证研究”(HB092-10)

Empirical Research on Relationship between the Quality of Information-disclose and the Profit of Dominant Control Right by Listed Companies

LIU Li-yan¹, CHEN Jie²

1. School of Business, Jianghan University, Wuhan 430056, Hubei, China;2. Dept. of Marketing Promotion, Shenzhen Stock Exchange, Shenzhen 518010, Guangdong, China

Received:2010-05-27 Online:2011-02-12 Published:2013-12-31

摘要/Abstract

摘要： 对2005-2007年深圳证券交易所发生控制权转让的上市公司的实证研究显示, 控股股东的超控制权收益水平与上市公司股权转让期间信息披露质量的平均水平显著负相关, 对最终控制人的股权制衡情况与超控制权收益显著正相关。研究表明, 加强对上市公司控制权转让期间的信息披露的监管, 以及构造对最终控制人进行股权制衡的结构, 可以显著降低控股股东侵害中小投资者而获得的超控制权收益的水平。

关键词: 超控制权收益, 信息披露质量, 终极控制人

Abstract: Empirical research on the shifting of the control right among listed companies taking place in 2005 to 2007 in Shenzhen Stock Exchange shows that the profit level of the controlling shareholders’ dominant control right is negatively correlated with the average level concerning the quality of information-disclose during the shifting of the control right and positively correlated with controlling the end controllers’ share and with the profit of dominant control right. The research shows that to strengthen the inspection on information-disclose during the shifting of listed companies’ control right and to establish the check and balance structure of controlling the end controllers’ share can control the share profit level of the dominant controllers by harming the medium and small investors.

Key words: profit of dominant control right, quality of information-disclose, end controller

中图分类号:

F276.6

刘立燕, 陈杰. 上市公司信息披露质量与超控制权[J]. 江汉大学学报（社会科学版）, 2011, 28(1): 63-67.

LIU Li-yan, CHEN Jie. Empirical Research on Relationship between the Quality of Information-disclose and the Profit of Dominant Control Right by Listed Companies[J]. JOURNAL OF JIANGHAN UNIVERSITY (Social Science Edition), 2011, 28(1): 63-67.