市场化进程、法律保护与超控制权收益关系的实证研究

基于2005—2007年我国上市公司控制权转让的相关数据，本文验证了我国各地区市场化进程、法律保护水平和上市公司控股股东超控制权收益之间的关系。研究显示，上市公司所处环境的市场化进程、法律保护水平与超控制权收益负相关。我们还发现对最终控制人的股权制衡程度越高，其所能获得的超控制权收益水平越低。由此给我们的启示是，改善上市公司的治理环境，进一步提高我国各地区的市场化水平，完善法制化水平，以及建立对最终控制人的股权制衡机制，对抑制控制性股东侵害具有重要意义。

An Empirical Study on the Relationship of Market Freedom, Legal Protection and Excessive Benefits of Control

Based on control block transactions during 2005 to 2007,this paper tests the effect of the level of market freedom and legal environment on the excessive benefits of control in China.The empirical result shows that,higher level of market freedom and legal environment is associated with lower excessive benefits of control.And the presence of other block shareholders can restrict the level of the excessive benefits of control.This means it is important to perfect the corporate governance environment,promote the degree of market freedom and improve the legal system to curb the appropriation of the ultimate controllers.And the construction of ownership structure to restrain the ultimate controllers is also important to reduce the excessive benefits of control.