【作者】 陈平；

【导师】 邓光军；

【作者基本信息】 电子科技大学 ， 工商管理（专业学位）， 2024， 硕士

【摘要】 通过股权转让实现控制权转移情形下,不同交易标的和交易目的会对控制和受控双方的价值产生复杂影响,因此,对控制权价值的评估始终是业界和理论界关注的重要问题。现有研究中,大多数学者依赖于传统的估值方法和理论框架,未能充分考虑诸如协同效应、未来增长期权等引起控制权溢价的因素,从而导致评估结果的合理性和准确性受到一定程度的影响。另外,我国证券市场法律体系的不完善、可获得的交易案例相对较少,以及交易数据难以获取等原因,案例讨论控制权溢价的文献不多见。无论经济低迷还是迅猛发展,企业控制权转移都比较频繁,因此,研究适宜的控制权溢价评估方法和模型,对理论和实践都具有重要价值。基于国内外学者在这一领域的研究成果,本文详细介绍了实物期权法、大宗股权转让溢价法、投票权溢价法、大小宗股权配对法等方法并认识到控制权在某种层面上可以视为一种特殊的“管理期权”,即具有实力和互补能力的投资方获得公司控制权能够为被控企业创造增长期权,这是一项极其有价值的资产。但是,由于信息不对称的普遍存在,控股方和被控方对增长期权的价值判断与外部资本市场往往存在认知上的明显差异,这种认知上的差异导致了控制权溢价的产生。由于二叉树期权定价方法便于对增长期权和认知差异建模,因而在方法上具有灵活性。本文选取A公司控股B公司为研究对象,发现A、B公司在环境治理、新能源开发等方面存在产业协同、互补,A公司控股能够为B公司提供规范化公司治理、创造环境治理业务增量、发掘新能源利润增长点等,这些不确定性的未来增长期权、资本市场信息不对称构成了控制权溢价的核心。对比传统评估方法和实物期权B-S模型,考虑到控制权转移A公司可以为B公司赋能、产业协同互补及存在信息不对称,采用二叉树模型对案例控制权溢价进行剖析更具有研究价值。最终,运用二叉树模型测算出案例控制权溢价率达到38.46%,并在此基础上进行了一定范围内的敏感性分析和并购后的绩效分析,验证了本文结论的可靠性。本文的研究成果对保证收购的顺利进行,实现社会资源的最优化利用有重要意义,同时在一定程度上有助于股权公平交易、提前确定控制权的定价。更多还原

【Abstract】 In the scenario of control rights transfer through equity transfer,different transaction targets and purposes can have complex impacts on the value of both the controlling and controlled parties.Therefore,the assessment of control rights value has always been an important issue of concern in both industry and academia.Most existing studies rely on traditional valuation methods and theoretical frameworks,failing to fully consider factors such as synergies and future growth options that lead to control premiums,thereby affecting the reasonableness and accuracy of the assessment results to some extent.Additionally,due to the imperfect legal system of China’s securities market,the relatively limited number of available transaction cases,and the difficulty in obtaining transaction data,there are not many theory discussing control premiums.Regardless of economic downturns or rapid development,the transfer of corporate control rights occurs frequently.Therefore,research on suitable control premium assessment methods and models is of great value to both theory and practice.Based on the research findings of scholars both domestically and internationally in this field,this article provides a detailed introduction to methods such as the real options approach,premium pricing method for large-scale equity transfer,voting rights premium method,and large-small equity pairing method.It recognizes that control rights can be viewed as a special type of "management option" to a certain extent,where investors with strength and complementary capabilities gaining control of a company can create growth options for the controlled enterprise,which is an extremely valuable asset.However,due to the widespread existence of information asymmetry,there are often significant differences in the perception of the value of growth options between controlling parties and controlled parties compared to external capital markets.This cognitive discrepancy leads to the emergence of control premium.Since the binomial tree option pricing method facilitates modeling growth options and cognitive differences,it offers flexibility in methodology.This article selects A company’s holding of B company as the research object and finds that A and B companies have industrial synergies and complementarities in environmental governance and new energy development.A company’s holding can provide standardized corporate governance for B company,create incremental business in environmental governance,and explore new energy profit growth points.These uncertain future growth options and asymmetric capital market information constitute the core of the control premium.Compared with traditional assessment methods and the real option B-S model,considering the transfer of control rights,A company can empower B company,achieve industrial synergies and complementarities,and address information asymmetry.Therefore,using the binomial tree model to analyze the case control premium is more valuable for research.Finally,using the binomial tree model,the case control premium rate is calculated to be 38.46%.Based on this,sensitivity analysis within a certain range and performance analysis after mergers and acquisitions are conducted to verify the reliability of the conclusions in this article.The research results of this article are significant for ensuring the smooth progress of acquisitions and achieving optimal utilization of social resources.At the same time,they can help with fair equity transactions and determine the pricing of control rights in advance to a certain extent.更多还原