Majority and Minority Ownership of Publicly‐Traded Firms: A Test of the Value of Control Using Market Multiples
利用上市公司控股另一上市公司的独特场景，检验多数与少数股权的市场价值是否与持股比例成比例，发现少数股权被折价，但并非源于财富转移。
Publicly‐traded companies that are controlled by other publicly‐traded companies provide a unique setting in which to test whether the market values of majority and minority ownership interests are proportionate to their ownership percentages. Test results indicate that the value of subsidiary net assets and net income are greater to majority shareholders than to minority shareholders. However, comparison of asset and income valuation with a sample of diffusely‐held firms indicates that this valuation asymmetry is not due to a wealth transfer from the minority to the majority owners but to a discounting of the portion of the subsidiary owned by the minority shareholders.