作者：苏静
摘要/Abstract
我国上市公司以部分改制上市为主。这个过程中，发起人向拟上市主体投入和分割资产的方式直接影响着资产的确认和上市公司未来生产经营的独立性。和对企业上市后控股股东掏空行为的丰富研究相比，能够追根溯源、针对企业改制上市之初的资产安排进行理论和实证分析的研究却相当缺乏，而这又是控股股东各种侵占行为发生的源头之一。本文以2004年新上市公司的无形资产产权取得方式为例，分析了影响上市公司做出不同安排（购买、折股、无偿转让和租赁等）的经济因素，并通过多元Logistic回归对各个影响因素的显著性做了检验。实证结果表明，不同的行业分布、股权结构（第一大股东的性质和持股比例）和无形资产的种类对上市公司的产权选择行为有显著影响。此外，当上市公司在租赁与其他方式之间权衡选择时，无形资产占净资产的比例有显著影响；但是对于除租赁以外的其他三类方式的选择，这个经济因素的影响不显著。
Enterprises often face the problem of multiple choices to the property rights to intangible assets in the listing process. Different types of property contracts result in different economic effects on listing firms. Therefore it is necessary to make clear the choice profile of the property rights to intangibles. This paper takes A share companies newly listed in 2004 as the sample to examine. The empirical results indicate that leasing, purchasing, conversion into shares, self-apply, assignment for free etc are the main methods to obtain the rights. Industry distribution, scale of intangibles, equity structure, legal characteristics of the first shareholder, various types of intangibles and their scale have significant effects on the choice decision to the right to intangibles. Profitability and cash payment ability of firms have no significant effect on the decision.