大股东控制、私有收益与公司绩效

以2000年以前的上市公司为样本,对股权结构、关联资金往来和公司绩效的关系进行了实证分析。结果表明,我国上市公司的股权结构普遍存在大股东控制的情况,在大股东控制下,容易出现大股东以资金占用等形式获取私有收益,从而损害公司经营绩效的现象。

Large Shareholder, Private Benefits and Firm Performance

The relationship of ownership structure and firm performance is always the focus of researchers;the authors believe that the relationship is activated by some mechanisms or factors intermediate,so the authors introduce the private benefits of corporate control in this study.This study made empirical research on the ownership structure,private benefits and firm performance of Chinese listed companies.The results show that in Chinese stock market,most listed companies are controlled by large shareholders and the controlling shareholders always seized private benefits form listed companies at the cost of listed companies' performance.