控制权私利与公司效率:以我国A股上市公司为例

Private Benefits of Control, Corporate Efficiency: Examples from China Stock Markets

对于控制权私利是否导致公司无效率的问题至今尚无定论。本文以上市公司控制权交易溢价为控制权私利,以公司业绩变化、投资政策和财务政策变化三类指标来衡量公司效率,采用我国上市公司1997-2005年间的控制权交易样本数据,实证结果发现,在我国现阶段上市公司控制权私利与公司效率正相关。

It is ambiguous whether private benefits of control induce corporate inefficient. This paper discusses the efficiency consequences of private benefits of control. The paper measures private benefits of control as the premium of control trades, and selects three indictors, corporation＇s performance, investment policy, and financial policy, to denote corporate efficiency. The results of econometric research with samples from control trades of China listed-corporations from 1997 to 2005 show that private benefits of control are positive correlated with corporate efficiency.