控制权收益与超控制权收益（gains of control rights and gains of super control）

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1、控制权收益与超控制权收益（Gainsofcontrolrightsandgainsofsupercontrol）Abstract:mostoftheliteraturesdefinethecontrolrightreturnastheinfringementofthecontrollingshareholderontheinterestsofthesmallandmedium-sizedshareholders,whichisakindoftunnelingbehavior.Fromtheperspectiveofenterpriseabilitytheory,thecontro

2、llingshareholderistoobtaincontrolbenefitsbasedonitsuniqueorganizationalresourcesandcapabilities,thereturnsarereasonable,itisofexcellentorganizationabilityofcontrollingshareholderreturnandcompensationofcontrolcostintheprocessoforganization.Buttheexcessivebenefitsofcontrolisthecontrollingshareh

3、olderoutsidetheorganizationabilityofabuseofpowerandlegalloopholeforanonproductivereturnisnotsystematicandsustainable,formediumandsmallshareholdersandotherstakeholdersoftheinvasionandplunder.Theregulationofthecontrollingshareholder'sinfringementshouldbebasedontheprotectionofthebenefitsoftherig

4、htofcontroltocurbitsexcessivecontrolgains.Keywords:controlgains;supercontrolgains;firmcompetencetheoryCLCnumber:F425documentidentificationcode:Aarticlenumber:1003-3890(2010)08-0074-05Theproblemthatcontrollingshareholdersencroachontheinterestsofsmallshareholdersandgaincontrolgainsisamajorprobl

5、eminChina'scapitalmarket.Therefore,howtoprotecttherightsandinterestsofsmallandmediuminvestorshasbecomeahottopic.Mostoftheliteraturesregardcontrolgainsasthegainsofcontrollingshareholdersrelyingontheircontrolrights,whichistheinfringementofcontrollingshareholdersontheinterestsofsmallandmedium-si

6、zedshareholders.However,inordertocontrolandbecontrolledonthebasisofparentsubsidiaryformofenterprisegroup,asakindofeconomicorganizationisthemostimportantintheworldtoday,Chineseineconomicdevelopmentandtoparticipateininternationalcompetitionalsoplaysaveryimportantrole.Inthegroup,theparentcompany

7、hasmanyadvantages,suchassavingtransactioncosts,reducingtheuncertaintyandriskofthetransaction,andobtainingeconomiesofscale,economiesofscopeandnetworkeconomy.Ifthecontrolwillinevitablyleadtothecontrollingshareholder'sinfringement,itisafundament