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1、哈尔滨工业大学管理学硕士学位论文AbstractOwnershipconcentrationoflistedcompaniesiswidespreadinChina,andcontrollingshareholdershavehighequityratio,whichhelpthemtoplunderthecompany’scontrollingresourcesandgrabprivatebenefitsofcontrol(PBC).Theseverityofagencyproblemsbetweencontrollingsharehol
2、dersandminorityshareholdersoutweighstheproblemsbetweenshareholdersandmanagers.HowtosuppressthePBCandhowtoprotecttheinterestsofminorityshareholdersbecomethefocusofacademicattention.Inthispaper,empiricalmethodsareusedtomeasuresPBC,studyitsinfluencingfactorsandidentifythecons
3、traintsofPBC.Accordingtotheresult,thispaperprovidessomeadvicefortherelateddepartments.Basedonthestudyofdomesticandforeignscholars,thispaperexplainedtheformationofPBCfromtheeperspectiveofagencycosttheoryandthefree-riderbehaviortheory,andcomparedthemethodsofmeasuringPBC,then
4、analyzedtheinfluencingfactorsofPBCfromthreeangleswhicharetheinstitutionalenvironment,ownershipstructureandcorporategovernancestructure,andusedempiricalresearchmethodtovalidatetheassumptions.Intheempiricalresearchprocess,thepaperselectedequitytradingeventswiththetransferofc
5、ontrolfrom1997-2012inA-sharelistedcompaniesinChinaastheresearchobject,andusedtheimprovedBHmodeltomeasurethelevelofPBCinChina.ThisempiricalresearchselectedPBCastheexplainedvariable,andselectedlegalizationindex,degreeofdevelopmentoftheintermediarymarket,governmentinterventio
6、n,ownershipconcentration,equitybalancedegree,shareholdingratioofinstitutionalinvestors,theproportionoftradableshares,theproportionofindependentdirectorsandexecutivecompensationastheexplanatoryvariable,thenbuilttheregressionmodeltotesttheimpactofvariousfactorsonPBC.Studyfin
7、dsthatthedegreeofdevelopmentoftheinstitutionalenvironmentisnotideal,andlegalregulationandgovernmentinterventioncannotprotectminorityshareholders'interestswell.Theintermediarymarket’ssupervisionishardtorealizebecausethereisnopunishment.Thephenomenonofconcentrationofownershi
8、piswidelyexsitedinChina,andtheshareholdingratioofcontrollingshareholdersdoesnotaffectPBC.
