公司成长能力、股权制衡与控股股东的控制权私利

通过对2005—2009年沪深两市发生了控制权转移的上市公司的研究，从公司成长能力和股权制衡度两个方面分析了控股股东的控制权私利行为。研究表明：（1）公司的成长能力对控股股东的控制权私利有显著的影响，并且两者成正相关关系；（2）国有控股公司存在更高的控制权私利水平，但随着企业成长能力的提高，民营企业的控制权私利比国有控股公司增长更快；（3）股权制衡度对控制权私利水平有抑制作用。

Growth Ability, Share Balance and the Private Benefits of Control

Choosing listed companies whose control power have transferred from 2005 to 2009 as research objects, the study analyses the private benefit of control (PBC) from the point of view of growth ability and share balance. The result leads to3 conclusions: (1) Growth ability has a strong influence on the private benefits of control, and there's a significant positive correlation between them at the same time; (2) More PBC is found in the state-controlled corporations than in the private-controlled corporations. With the rise of corporate growth ability, PBC in private-controlled corporations grows faster than state-controlled corporations; (3) Share balance retains the private benefits of corporate control.