股权结构与控股股东行为的实证研究

关于股权结构与控制权收益实证分析表明,第一大股东持股比例越高,控制权收益越高;第二大股东与第一大股东之间的相互制衡有利于限制控股股东的掠夺行为,减少控制权收益。因此,降低股权集中度、充分发挥大股东之间的相互制衡作用是规范控股股东行为的关键所在。

Empirical Study on Ownership Structure and Behavior of Controlling Shareholder

The empirical study finds about ownership structure and control benefits, the higher equity of the first shareholder possess, the higher control benefits is;The check-and-balance of the second shareholder and the first shareholder possessing equity helps to regulate the expropriation behavior of Controlling Shareholder and to reduce Control Benefits;Therefore, lowering the equity concentration degree and im-proving effects of check-and-balance equity is the key of regulation controlling shareholder behavior.