控股股东的控制权私人收益理论模型与经验证据.docVIP

控股股东的控制权私人收益理论模型与经验证据 31 2 Vol.31,No.22011 2 SystemsEngineering—Theoryamp;PracticeFeb.,2011:1000-6788(2011)02-0229-10 :F276.6 :AB . #039; amp;Y %/ 0C 1 ?? ! ; :# $ %amp; amp; #039; () % * , ( , 710049)+, -. .D * ! +) -,2; 00E^M3–??$N20_FO06`P2aQ3 R .456 ! 78.859 : ;:lt;;%amp; amp; #039;C= gt;K7L8 ?.@%.amp;Aamp; ,BGH EIJ: 456 !10.66%; STUV amp; LWO-XI. ! ;WO,%amp;amp;#039;().% *+, Z [;%amp;amp;#039;().% *+, MU bc01N \ ] .;%amp;amp;#039;;% *+, ;de:amp;#039;;STUVPrivatebenefitsofcontrolofincumbentshareholders:TheoreticalmodelandempiricalfindingsLUOJin-hui,WANDi-fang(SchoolofManagement,Xi’anJiaotongUniversity,Xi’an710049,China)AbstractThisstudyinvestigatedtheeffectsofcashflowrightsandcorporategovernancemechanismsonincumbentshareholders’privatebenefitsofcontrol(PBC).Usingadatasetof85blocksharetransactionswithcontroltransferinChineselistedcompaniesbetween2003and2006,thisstudyfindsthat:TheaveragesizeofPBC,asmeasuredbythepricepremiumofblocksharetransactions,isabout10.66%inChineselistedcompanies;Firmswithmoreindependentdirectorsontheboard,andfirmswithmultiplelargeshareholdershaveasmallersizeofPBCandthusexperiencelowerlevelofincumbentshareholders’expropriationofminorityinvestors;Consistentwiththetheoreticalmodel,thisstudyfindsevidenceofasignificantnonlinearU-shaperelationshipbetweentheincumbentshareholder’sPBCandhis/herultimatecashflowrights. Ke yw o rdscorporategovernance;incumbentshareholders;privatebenefitsofcontrol(PBC);multiplelargeshare ho ld ers ;i nd ep end en td ir ect or s1fg 20 90 , ?? , , (privatebenefi h , t s ofcontrol) . , . , ?? , .j%ik 19 80! G ro ss! m an H ar t ,