中国上市公司股权再融资行为研究——基于控制权私有收益视角

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1、AbstractAbstractAlongwiththedevelopmentofenterprisessystem,increasinglyconcentratedequityhasbecomeoneofthegreatestcharacteristicofmodernenterprise.Whiletheincreasingofownershipconcentrationalsobringaseriesofproblemstomodernenterprise,whichknownbymostmodernscholarsasthesecondage

2、ncyproblem,theinterestsconflictbetweencontrollingshareholdersandminorityshareholdersrelativetotheagencyproblembetweenshareholdersandmanagers.InthelistedcompaniesofChina,controllingshareholderscancontroltheenterprisefinancialmanagementandbusinessstrategythroughtheircontrollingsh

3、ares;andtoprovideaconvenientcontroloverprivategainforthemselvesfromvariousmeansbymakinglistedcompaniesbecomingtheircashmachine,controllingshareholders’behaviorshaveseriouslyinvadedtheinterestsofothersmallandmediumshareholders.Inordertoeffectivelycurbtheperverserefinancingbehavi

4、orofChineselistedcompanies,theChinasecuritiesregulatorycommissionhasrepeatedlyadjustenterpriserefinancingregulatorypolicy,buttheeffectseemsnotverygood.BasedonthehighconcentrationequitycharacteristicoflistedcompaniesinChina,thispaperwillgivesometheoreticalanalysisandcarryonempir

5、icalresearchonthestrangeChineselistedcompaniesequityrefinancingphenomenonfromtheperspectiveofprivatebenefitsofcontrol.Therearetwoemphasisofthispaper,thefirstoneisthemeasurementofprivatebenefitscontrol.Becausetheprivatebenefitsobtainedbycontrollingshareholdersarehiddenandnotvisi

6、ble,mostscholarshavebeenmadeonsomefinancialindicatorsasitsquantification.Thispaperusesthenetvalueofthereceivableaccountsandpayableaccountsrelatingtothecontrollingshareholderfromthenotestolistedfirms’financialstatements,andthenetvaluedividedbythefinaltotalassetsisthekeyindicator

7、fortheprivatebenefitsofcontrol(PBC);theresultshowsthatthedegreeofequityconcentration(Shr1),equitybalancedegreeindex(Shr2-5),asset-liabilityratioindex(DEBT),thecorporategovernanceIIIAbstractindex(GOV),andnatureofthepropertyindex(State)arenegativecorrelationwithprivatebenefitsofc

8、ontrol;controllingrightsandcashflowingrightsseparation