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1、控股股东的控制权私人收益理论模型与经验证据312Vol.31,No.220112SystemsEngineering—Theory&PracticeFeb.,2011:1000-6788(2011)02-0229-10:F276.6:AB.'&Y%/0C1??!;:#$%&&'()%*,(,710049)+,-..D*!+)-,2;00E^M3–??$N20_FO06`P2aQ3R.456!78.859:;:<;%&&'C=>K7L
2、8?.@%.&A&,BGHEIJ:456!10.66%;STUV&LWO-XI.!;WO,%&&'().%*+,Z[;%&&'().%*+,MUbc01N].;%&&';%*+,;de:&';STUVPrivatebenefitsofcontrolofincumbentshareholders:TheoreticalmodelandempiricalfindingsLUOJin-hui,WANDi-f
3、ang(SchoolofManagement,Xi’anJiaotongUniversity,Xi’an710049,China)AbstractThisstudyinvestigatedtheeffectsofcashflowrightsandcorporategovernancemechanismsonincumbentshareholders’privatebenefitsofcontrol(PBC).Usingadatasetof85blocksharetransactionswithcontroltransfe
4、rinChineselistedcompaniesbetween2003and2006,thisstudyfindsthat:TheaveragesizeofPBC,asmeasuredbythepricepremiumofblocksharetransactions,isabout10.66%inChineselistedcompanies;Firmswithmoreindependentdirectorsontheboard,andfirmswithmultiplelargeshareholdershaveasmal
5、lersizeofPBCandthusexperiencelowerlevelofincumbentshareholders’expropriationofminorityinvestors;Consistentwiththetheoreticalmodel,thisstudyfindsevidenceofasignificantnonlinearU-shaperelationshipbetweentheincumbentshareholder’sPBCandhis/herultimatecashflowrights.K
6、eywordscorporategovernance;incumbentshareholders;privatebenefitsofcontrol(PBC);multiplelargeshareholders;independentdirectors1fg2090,??,,(privatebenefih,tsofcontrol).,.,??,.j%ik1980!Gross!manHart,[1??2].,Johnson,Porta,Lopez-de-SilanesShleifer:2009-09-04:(70572039
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8、ncingmechanisms)[5]..,[3,6],+,$1*[7].,!0$,,2&*&!3.-*+[4,8??12].1,,(,+*!(-',%,+0.-//[7,13]./0,1201(#3*/-,+3'6542)++52-250.-//,.($)“$”*2)+[14].
