控制权与现金流权分离对控制权转移收益的影响研究——来自我国上市公司的经验证据

以发生控制权转移的上市公司为研究样本,并且将样本细化为内部控制权转移和外部控制权转移以及总体三类样本,在对控制权收益进行重新度量的前提下,运用多元线性回归模型,在控制股权集中程度、股权制衡程度以及国有股比例、法人股比例等因素的基础上,考察了公司层面的股权结构特征——控制权和现金流权分离程度等因素对控制权转移收益的影响.结果表明,两权分离程度是影响控制权转移收益的重要因素,并且为负向,反映了控股股东对现金流权的偏好;另外,考虑资本成本补偿的控制权转让收益度量指标更能反映控股股东的实际控制权转让所得,对模型更具解释能力.

Study on the Influence of the Ownership Structure Characteristics to Private Benefits of Control in Listed Companies

On the basis of controlling ownership concentration,ownership competition as well as state ownership ratio and enterprise ownership ratio,this paper investigates the effects of ownership structure especially the separation of control right and cash flow right to the private benefits of control,and the regression result indicates that the separation of control right and cash flow right has dramatic negative effect to the private benefits of control,which is the key conclusion of this paper,inflecting that controlling shareholders prefer cash flow right to control right.Additionally,measurement of private benefits of control which considers compensation to capital cost of the corporate is superior theoretically and empirically.