后股权分置时代我国公司控制权私有收益问题

Analysis on the problem of private benefits of corporate control in post non-tradabe share reform era

后股权分置时代一改一股独大的局面,控制权市场的并购更加活跃,要约收购成为主流并购模式,企业规模逐渐增大,公司的控制权私有收益呈现出显性化的趋势。但后股权分置时代公司控制权私有收益还面临着一些问题,如中小股东法律保护机制还不够完善,偏高的控制权私有收益导致并购市场效率较低等。

In post non-tradabe share reform era, the situation that only one share is big is changed ; the merger and acquisition of mar- ket for corporate control is more active, tender offer becomes the mainstream mode. As the size of enterprise increases gradually, the private benefits of corporate control show a dominant trend. But the private benefits of corporate control still remain some problems in post non-tradabe share reform era, such as the legal protection mechanism of minority shareholders is not yet perfect, and the high pri- vate benefits of corporate control results in lower merger and acquisition market efficiency.