终极控制股东、控制权溢价和公司治理研究

Ultimate Controlling Shareholder, Equity Control Value Added and Corporate Governance

由于公司治理研究逻辑起点的改变,小股东和控制股东之间的代理问题成为公司治理的核心问题。通过分析大股东对小股东利益侵害程度的传统计算方法,提出了终极控制股东对小股东侵害度的计算模型。

With the changing focus of corporate governance research, the principal-agency problem between controlling and minority shareholders becomes the key agency problem in corporate governance. This paper analyzes all the computing methods about the expropriation of the large shareholders and proposes a model showing how the ultimate controlling shareholder expropriates minority shareholders.