控股股东的控制权私人收益:理论模型与经验证据

探索分析了终极现金流量权比例与公司治理机制对控股股东攫取控制权私人收益行为的影响关系.选取2003--2006年间中国上市公司中发生的85笔大额且控制股东地位发生变更的非流通股转让交易为研究对象,通过实证研究表明: 中国上市公司中以大额股权转让溢价衡量的控股股东控制权私人收益规模平均达到10.66%;以独立董事比例、股权制衡水平为代表的公司治理水平越高,控股股东攫取的控制权私人收益就越小;控股股东攫取的控制权私人收益规模与其终极持有的现金流量权比例存在统计显著的U型曲线关系.

Private benefits of control of incumbent shareholders:Theoretical model and empirical findings

This study investigated the effects of cash flow rights and corporate governance mechanisms on incumbent shareholders' private benefits of control (PBC). Using a data set of 85 block share transactions with control transfer in Chinese listed companies between 2003 and 2006, this study finds that: The average size of PBC, as measured by the price premium of block share transactions, is about 10.66% in Chinese listed companies; Firms with more independent directors on the board, and firms with multiple large shareholders have a smaller size of PBC and thus experience lower level of incumbent shareholders' expropriation of minority investors; Consistent with the theoretical model, this study finds evidence of a significant nonlinear U-shape relationship between the incumbent shareholder's PBC and his/her ultimate cash flow rights.