资本投向与控制权私有收益攫取的实证研究

An Empirical Research on the Directions of Capital Investment and Private Benefit Snatch

文章基于资本投资形成控制性资源,为获取控制权私有收益创造基础的理论阐述,以2005-2007年在沪深两市A股市场的公司为样本,对我国上市公司投资决策中资本投向与控制权私有收益的关系进行了实证检验。研究结果表明:(1)不同投向的资本投资与控制权私有收益攫取水平正相关。(2)就固定资产、股权并购、无形资产三种资本投向而言,股权并购方式取得控制权私有收益的代价较低,但控制性股东占有被并购公司控制权私有收益的比例也较低。(3)不同投向下的资本投资,在形成控制权私有收益的同时并没有通过提高公司业绩而增加控制权共有收益,很大程度上是形成控制权私有收益的自利行为。

Based on the theory of the capital investment which is the precondition to get private benefits of control（PBC）, this paper studies the relationship between the directions of, capital investment and private benefit snatch with an empirical analysis of the samples of listed companies in Shanghai and Shenzhen Stock Exchange between 2005-2007.The conclusions are：（1）Different directions of capital investment is positive relativity with the PBC;（2）In terms of three directions of capital investment that fixed assets, equity merge and intangible assets, the equity merger has a lower cost for obtaining PBC,but it leads to relatively lower benefit proportion for the control shareholder;, （3） Although different directions of capital investment result in PBC, it does not increase public control benefit by improving corporate performance,and is more likely to be the self-beneficial behaviours of the control shareholder.