基于终极控制权论的上市公司股权分置改革和公司治理研究

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1、西南交通大学博士学位论文基于终极控制权论的上市公司股权分置改革和公司治理研究姓名：黄雷申请学位级别：博士专业：企业管理指导教师：王建琼20100601第1I页西南交通大学博士研究生学位论文AbstractBecauseofespecialhistory,thereisaphenomenonofthesplit—sharestructureinChinesecapitalmarket．Thesplit—sharestructureandimplicitultimatecontrolfightsaretheimportantreasonofirregularitybehaviorin

2、Chinesecapitalmarket．Thesplit-sharestructureresultedinthedifferbenefitsbetweencontrollingshareholdersandminorityinvestorsinlistedcompanies．Becauseofthesecretecharacterandcomplexityaboutultimatecontrolrights．Theultimatecontrolrightsgivemanyadvantagestoultimatecontrolshareholderstorelatingexcha

3、nge，low—downexchange，benefitsdiversion，expropriateassetsoflistedcompaniesandSOon．Theshortcomingofsplit-sharestructureresultedindevelopmentofChinesecapitalmarketlaggedthedevelopmentofeconomyandthesplit-sharestructurereform．Thesplit-sharestructurereformbringfundamentalityeffectstobehaviorofulti

4、matecontrollingshareholdersinlistedcompanies，behaviorofitselfinlistedcompanies，corporatevalue，benefitsofinvestors，ideaandbehaviorofinvestors，therefore，Chinesecapitalmarketwillbeinfluencebythesplit—sharestructurereformduringalongtime．Suchastheoreticalandempiricalresearchabouttherelationamongco

5、rporatevalue，consideration，ultimatecontrolstructureatdifferentultimatecontrollingshareholderoflistedcompaniescontrolledisanurgentproblemofacademicsubjects，butalsoapracticalproblem．Thisstudyhasgreatacademicvalueandpracticalsignificancetotheanalysisofthesplitsharereformprocesstheinterestsofcont

6、rollingshareholdersandinvestorsGame，therelationofconsideration，theperformanceandcorporatevalue，andontheprotectionoftheinterestsofsmallinvestors，thestate，improvingcorporategovernancetopromotelong—termdevelopmentoflistedcompaniesandthenormaloperation．Thisarticleregardslistedcompanyinthesplit—sh

7、arestructurereformprocessandprocedurefulfilledastheresearchobject，combinewithcriterionstudyandempiricalresearchmethod，takingempiricalresearchasthethread，usesuchrelevanttheoryandmethodsascorporategovernancetheory,statistics，accounting，financia