我国上市公司控制权收益的测度

文章概叙了控制权私人收益基本内涵，认为将控制权私人收益合法化将破坏公司股权的稳定性，且对其水平度量造成难以克服的困难。在此基础上以2005～2008年沪深两市发生的147起涉及控制权协议转让交易和777起非控制权股权协议转让交易为样本，对我国上市公司控制权私人收益水平进行了测度。实证检验结果显示，我国控制权私人收益水平约为上市公司净资产的27％，高于加拿大、美国和西欧国家，低于墨西哥等南美国家，与意大利水平相近。表明我国资本市场监管水平有待提高。据此提出通过加强外部监管和优化公司股权结构可以有效降低控制权私人收益水平。

The Measurement of Control Benefits of Listed Company in China

In view of the characteristics of some Hunan gold-antimony ore, starting from the stuely on mineralogy of the samples first, a large number of experiments have been carried out on the basis of the chemical component, structure and occurrence of the samples, then the optimum process and the parameters were determined. Under the condition of ore grinding size - 74 m 75%, it adopting mixed flotation technology. When the raw ore contains 0.85% antimony and 1.80 g/t gold,after one roughing and three concentrating and two scavenger, we can get gold antimony concentrate with antimony grade of 31.61%, recovery of 85.33%, with gold grade of 58.81 g/t, recovery of 73.01% in flotation. It has provided detailed basis for mineral processing plant design.