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Minority discount is an economic concept reflecting the notion that a partial ownership interest may be worth less than its proportional share of the total business.〔(【引用サイトリンク】title=Minority Ownership Discount -- Definition )〕〔(【引用サイトリンク】title=Valuation Issues - Valuation Discounts for Business Interests )〕 The concept applies to equities with voting power because the size of voting position provides additional benefits or drawbacks. For example, ownership of a 51% share in the business is usually worth more than 51% of its equity value—this phenomenon is called the premium for control. Conversely, ownership of a 30% share in the business may be worth less than 30% of its equity value. This is so because this minority ownership limits the scope of control over critical aspects of the business. Shareprices of public companies usually reflect the minority discount.〔(【引用サイトリンク】title=Control Premiums, Minority Discounts, and Marketability Discounts )〕 This is why take-private transactions involve a substantial premium over recently quoted prices. ==Properties of minority interest== On a per-share basis, buyers will pay less for minority interest versus a controlling or majority interest because a minority position strictly limits investors to make crusial business decisions. Below are some drawbacks penalizing minority shareholders. *Minority owners do not manage the business. *They cannot initiate a sale or liquidation of the business. *They are limited to elect the company directors and to appoint its officers. *They do not hire or fire employees. *They do not declare and distribute dividends. *They do not enter into contractual relationships with customers and suppliers. *They do not raise debt or equity capital for the company. *They do not apporove strategy plans, mergers and acquisitions, or capital expenditures. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Minority discount」の詳細全文を読む スポンサード リンク
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