控制权私有收益、控制权成本与补偿途径——对小股东“搭便车”的新解释

Private Benefits of Control,Cost of Control and the Compensation Path——A New Explanation of Small Shareholders' "Free Ride"

由大股东单独占有、不在所有股东之间按比例进行分配的价值统称为控制权私有收益,大股东按持股比例分享的控制权共享收益、产业集团内部减少的交易成本等是控制权成本合理的补偿途径。在现实公司制度环境中,大股东通过占有小股东"搭便车"所得的共享收益来补偿其控制权成本是不合法的。法律保护小股东"搭便车"所得可以理解为对小股东面临的被侵害风险进行的补偿。

The value of that occupied single-handedly by the large shareholder and not assigned based on share portion is generally called private benefits of control.The public benefits of control that distributes according to share portion,and the reducing transaction cost of industrial group are reasonable compensative paths.In the real corporation institution environment,it is an illegal act that large shareholder makes up cost of control by expropriating public benefits of small shareholders＇ ＂free ride＂.Legal protection of small shareholders＇ free ride can be read as a compensation for the risk of expropriation.