| 控股股东的产权收益实现方式与利益输送转向——兼论中国的股权分置改革 |
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| 引用本文： | 刘浩,李增泉,孙铮.控股股东的产权收益实现方式与利益输送转向——兼论中国的股权分置改革[J].财经研究,2010(4). |
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| 作者姓名： | 刘浩 李增泉 孙铮 |
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| 作者单位： | 上海财经大学会计与财务研究院;上海财经大学会计与财务研究院;上海财经大学会计与财务研究院 |
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| 基金项目： | 国家社会科学基金资助项目(08BJY021);;国家自然科学基金资助项目(70802036);;教育部重点研究基地重大项目(07JJD630007);;上海市2007年度“晨光学者”项目;;上海财经大学“211工程”三期重点学科建设项目的资助 |
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| 摘 要： | 控股股东与上市公司之间的利益输送可能是双向的:掏空或者援助。文章回顾并发展了西方的文献,对这种利益输送的双向性及其转换进行了模型化表述。文章认为:当控股股东难以通过股权转让来实现其产权收益的时候,除了现金股利分红,掏空几乎是唯一的选择,但当控股股东可以低成本进行股权转让时,控股股东就需要在股权转让收益与掏空收益之间进行抉择,甚至援助上市公司以提高股权转让价格。文章的结论对于中国的股权分置改革具有正向意义:放松对控股股东产权收益实现方式的管制(或者降低其交易费用),将会更好地保护中小投资者利益。
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| 关 键 词： | 控股股东 利益输送 产权转让 股权分置 |
Realization Method of Controlling Stockholders' Property Benefits and Direction of Interests Transfer:Discussion on Non-tradable Shares Reform in China |
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| LIU Hao,LI Zeng-quan,SUN Zheng.Realization Method of Controlling Stockholders' Property Benefits and Direction of Interests Transfer:Discussion on Non-tradable Shares Reform in China[J].The Study of Finance and Economics,2010(4). |
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| Authors: | LIU Hao LI Zeng-quan SUN Zheng |
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| Institution: | Institute of Accounting and Finance;Shanghai University of Finance andEconomics;Shanghai 200433;China |
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| Abstract: | The interests transfer between controlling shareholders and listed companies may be bidirectional,namely tunneling or propping.The paper reviews the academic literatures,and develops formal models to describe the bidirectional transfer.The paper shows that,besides cash dividend,tunneling will be the only choice when the controlling shareholders can not sell their stocks to realize property benefits.When the controlling shareholders can sell their stocks at low costs,they need to choose the better benefits b... |
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| Keywords: | controlling stockholder interests transfer sales of property rights non-tradable shares reform |
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