我国家族上市公司控制权私人收益的影响因素研究

Study on the Influence Factors of Private Benefits of Control Rights in Chinese Family-listed Company

当家族利益与上市企业利益相分离时,家族有动机攫取控制权私人收益。采用控股股权转让与非控股股权转让的溢价差来度量控制权私人收益的方法,实证研究发现我国家族上市企业的控制权私人收益水平达到30.56%;控制权私人收益水平与资产负债率显著正相关,与企业规模显著负相关,与控股股权转让比例存在不稳定的正相关关系,与股权离散度和大股东制衡不相关。研究结果说明我国家族上市企业的公司治理存在着结构形式完整,控制权配置不合理的缺陷。

The separation of the benefits of clan and the listed-company often highlights the importance of private benefits of control rights.Measured by the premium difference of the controlling transition and non-controlling transition,the explored level of the private benefit of control in Chinese family-listed companies is 30.56%.Further study shows that the debt ratio and the transference ratio of the controlling transition are positively related to the private benefits of control rights.Company scale is negatively related to the private benefits of control rights.No evidence supports that the decentralization of share and the balance power of shareholders should have influence over the private benefits of control rights.Conclusions show the unreasonable allocation of the control rights in Chinese family-listed companies.