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本文选取了我国1997-2003年证券市场上符合买壳上市条件的63家目标企业作为样本,对影响买壳上市溢价因素进行了理论分析和实证检验。论文基于合作博弈理论Shapley值分担法建立了多元回归模型以解决多重共线性变量产生偏倚性和负的多重性问题。研究显示:上市公司“壳”资源的溢价比率与每股净资产、资产负债率、货币性资产占总资产比率、市净率、股权集中度、净资产收益率等变量之间存在着显著的相关性。
This paper chooses 63 target enterprises in China’s securities market that meet the conditions for the listing of listed companies from 1997 to 2003 as a sample, and conducts theoretical analysis and empirical tests on the factors influencing the premium of buying listed cities. Based on the cooperative game theory Shapley value sharing method, a multiple regression model is set up to solve the problem of the biased and negative multiplicity of multicollinearity variables. The research shows that there exists a relationship between the premium ratio of listed companies “shell ” resources and the variables of net asset-per-share, asset-liability ratio, monetary assets in total assets ratio, market capitalization ratio, equity concentration ratio and net assets return rate Significant correlation.