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《Economic Research Journal》 2002-04
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A Study on the Expropriation Degree of Large Shareholders of China's Listed Companies

Tang Zongming,Jiang Wei (Shanghai Jiao Tong Univ.,Economic School,Fudan Univ.)  
In the period of 1999—2001,90 cases concerning the transaction of state-owned share and legal share have occurred among 88 listed companies in the two stock markets of Shanghai and Shenzhen.We take these cases as our research samples.After analyzing the transfer prices,we found the average transfer prices of the sample companies are 30 percent higher than their net asset value.The authors then conduct the multi-variable linear regression analysis on the factors influencing transaction prices,and find that with the increase of percentage of share being transferred,the transfer price will go up,and be statistically significant.The transfer premium goes inversely with the scale of companies,and is statistically significant.Also,their profit capability goes inversely with the premium,but is statistically insignificant.In the end part of this article,we compared the expropriation degree in a global vision.
【CateGory Index】: F832.5
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