中国上市公司控制权私有收益实证研究

控股股东侵害中小股东利益已成为公司治理的核心问题和突出矛盾,攫取控制权私有收益是导致控股股东对中小股东进行剥削的主要动因,因此,控制性股东攫取控制权私有收益与中小股东权益受侵害是一个问题的两个方面,控制权私有收益的规模就成为衡量控股股东对中小股东利益侵害程度的重要指标。本文通过对中国上市公司控股股东的私有收益规模的测度并对其影响因素进行多变量线性回归分析,探讨控股股东对中小股东进行侵害行为的影响因素,在此基础上提出制约我国上市公司控股股东对中小股东侵害行为的建设性意见。实证研究结果表明:中国上市公司控制权私有收益的规模较大,平均占每股净资产的比率达到7.5%,但从时间序列上看,2004年比2003年的水平有所下降,这说明中国的投资环境及对投资者的权益保护有了进一步的改善。

An Empirical Study on the PBC of China's Listed Company

Blockholder's expropriation has become the kernel problem and standout conflict in corporate governance.The main reason that leads blockholders to expropriate minor shareholders is to snatch the PBC;therefore the scale of the PBC becomes an important measure index of the degree of expropriation.The paper aims to put forward some constructive suggestions to restrict the expropriation of blockholders through the way of measurement of the scale of the PBC and the regression analysis of its influential factors.The empirical results show that the PBC of China's Listed Company are relatively large and the average premium of the sample companies is 7.5%;and the scale of PBC of 2004 is lower than that of 2003.The scale of the PBC are positive correlate with the proportion of equity-transferred but does not prominent in statistics;and simultaneously the scale of the PBC goes inversely with the size and financial status of the listed company and shows prominence in statistics.