控制权私人收益内涵与测度研究

Concept and Measure of Private Benefits of Control

控制权私人收益是控股股东和经理人享有而其他股东不能按持股比例分享的那部分收益,是研究大股东侵害小股东利益的重要概念。目前,学界对控制权私人收益的常用测度方法有大宗股权溢价法、投票权溢价法和配对样本法,其中大宗股权溢价法最适合测度我国上市公司的控制权私人收益,配对样本法由于样本量过少而难以进行大样本研究。近年出现的测度新方法有累积异常收益率法和结构模型法,但并没有得到广泛认同与应用,未来的研究方向是探索更加科学准确的测度方法。

The concept of private benefits of control （PBC） is important for studying large shareholder expropriating mi- nority shareholders. It means some benefits shared by controlling shareholders and managers but not by other shareholde- rs. Block premium method, voting fights premium method and sample match method are currently common measure methods used by scholars. Block premium method is the most appropriate method for the PBC measure of Chinese listed companies. But sample match method is difficult for large - scale sample study because sample size is too small. Cumu- lative abnormal returns method and structural model method are new measure methods but they are not generally accepted and applied by scholars. Future research field is to explore more scientific and precise measure method.