大股东控制权私有收益相关研究进展

Research Progress on the Large Shareholders' Private Benefits from Control Power

控制权私有收益性质的界定影响到控制权的价值取向。既有的文献认为"控制权私有收益等于大股东对小股东的侵害"。通过对国内外文献对控制权私有收益相关研究的进展分析,认为"侵害论"无法完全解释脱离股权结构的控制权争夺现象,公司控制权事实上已经成为一种独立的经济权利。掌握或行使这一权利必然存在合法的利益。这种理解对于更好地发挥大股东在公司治理中的作用,促进证券市场更健康地发展有重要的现实意义。

The definition of private benefits from control （PBC） will decide the value tropism of the control power. The existing literatures deem PBC is the exploitation of the monitory stockholders. This kind of theory can not explain exactly the contest of control power. This paper reviews all those literatures about the source and property of PBC and the correlation problems. The conclusion is that the control power becomes a kind of independent economic right, so the master or exertion of it should exist legal profits. This kind of interpret has important practical significance for the large shareholders to play a better role in the corporate governance and the development of capital market.