Research On The Impact Of Information Disclosure On The Premium Of Control Rights Under The Transfer Of Agreement

In recent years,the transfer of control rights has attracted more and more attention from investors and capital markets.Among the many ways of transferring control rights,the transfer of the agreement is widely loved by the transfer control companies because of its simple acquisition method,low cost and flexible pricing.The transfer price of the agreement is determined by private negotiation between the two parties.This process is not open and opaque.When the transfer price of the agreement is higher than the market transaction price,the control premium appears.As one of the means to solve the problem of information asymmetry between investors and enterprises,information disclosure is an important basis for investors and trading parties to make investment decisions.So will information disclosure affect the control premium during the transfer of the agreement? If there is any impact,how does information disclosure affect the control premium? This paper starts from this perspective.This paper uses case analysis method,selects the Dalian friendship company's agreement transfer case,and analyzes the impact of information disclosure on control premium under the agreement transfer mode.This paper mainly analyzes from three perspectives,namely the quality of information disclosure,the tone of information disclosure and the content of information disclosure.The study found that,first of all,in terms of the quality of information disclosure,Dalian Friendship Company improved the quality of information disclosure before the transfer of control rights,which made its stock market perform well,enhanced the value of the company,and enhanced the negotiation power of the Dalian Friendship Company's agreement on the transfer price negotiation.Negotiation transfer price negotiation is actually a game between the two parties.The increase of negotiation power can make Dalian Friendship Company in a dominant position in negotiation,thus affecting the agreement transfer price and control premium.Secondly,in terms of the tone of information disclosure,since the counterparty is not completely rational,its decision-making will be affected by its own emotions,and Dalian Friendship Company has an active tone of information disclosure before the agreement transfer control,so that the counterparty is optimistic about the future development of Dalian Friendship Company.Willing to pay a higher transfer price on the basis of net assets,thus affecting the control premium.Finally,in terms of the content of information disclosure,we know that the return on net assets is negatively related to the control premium.Dalian Friendship Company communicates the financial status to the parties through information disclosure,and the net profit and return on net assets fall to negative but can improve the control premium.This is due to the fact that the current financial situation of Dalian Friendship Company has a large room for improvement in the future,so the transaction party is willing to issue a higher agreement transfer price,thus affecting the control premium.In summary,this paper comprehensively analyzes this problem from the above three perspectives,and makes recommendations for information disclosure and control premium,based on the above analysis results and impact paths.Less literature on information disclosure affecting control premiums in previous studies.Through the research and analysis of this paper,the research on information disclosure and control premium is enriched.