限售股解禁背景下控制权私人收益

An Empirical Study on Private Benefits of Control under China's Shareholder Structure Reform

大股东对中小股东的侵害问题是公司治理领域的一个重要问题,通过测算控制权私人收益可以了解大股东对中小股东利益的侵害程度。对我国控制权私利进行了度量,在限售股解禁背景下,检验了限售股解禁给控股股东所带来的市场预期收益与控制权私利之间的相关关系,并同时对控制权私利的影响因素进行了相关分析。研究发现:公司盈利水平、公司规模、股权制衡度与控制权私有收益负相关,非流通股溢价倍数、公司负债率、股权转让比例、股权离散度与控制权私有收益正相关;流通股规模可能并不是影响控制权私人收益的主要因素。最后,提出了全流通条件下,国有股权转让和上市公司治理的对策建议。

The expropriation of the small shareholders by the large shareholders is one of the most important questions in the field of corporate governance.By measuring the private benefits of control could bring direct understanding of embezzlement level.We first measure the value of private benefits of control and then with shareholder structure reform,we evaluate the relationship between expected return of un-circulating shares and private benefits of control.The result of empirical study shows that,the private benefits of control is negatively associated with profit position,the size of the company,and balances power of shareholder;there is a positive correlation between the multiple abnormal return of un-circulating shares,the ratio of debt financing,the share proportion of transference,and the decentralization of share.No evidence shows that the size of circulating stocks can have influence on the private benefits of control.Finally,we make some suggestions to transference of state shareholder rights and corporate governance of public companies under China＇s shareholder structure reform.