民营上市公司控制权私有收益影响因素的实证分析——兼论股权分置改革的长期绩效

Empirical Researches on the Influential Factors for Private Benefits of Control in China's Listed Private-controlled Companies——Also on the Long-term Performance of Split-share Structure Reform

以往的研究忽略了对民营与国有上市公司控制权私有收益及影响因素差异的探讨。本文以2004～2008年的大宗股权交易数据进行回归得出的结果表明,民营上市公司控制权私有收益的关键在于大股东与中小股东之间的委托代理,由控制权垄断性、控制层级及家族控制构成的控制权强化机制是影响私有收益的主要因素。股权分置改革有利于减弱控制权垄断性、降低控制者的私有收益,然而实证研究发现民营上市公司控制权私有收益水平随时间推移先降后升呈现"U"型趋势,终级控制者的利益取向在短期回归公司价值本身后又开始出现偏离,其原因在于大股东依然能通过对公司和二级市场的双重控制攫取私有收益。为纠正民营上市公司中大股东侵占中小股东利益的现象,必须就控制权强化机制进行全面的治理。

Present researches on private benefits of control seldom distinguish between private-controlled and state-controlled companies.Empirical analysis shows that,for China's listed private-controlled companies,strengthening mechanism of control is the major factor.Concerning the influence of the split-share structure reform,this paper discovers that the level of private benefits of control shows a U-type trend over time.The reason is that controlling shareholders can still grab private benefits of control through the dual control of both the company and secondary market.To avoid large shareholders' expropriation on the interests of small shareholders,a comprehensive management of strengthening mechanism of control is essential.