【作者】 王玉英；

【导师】 张亦春；

【作者基本信息】 厦门大学 ， 金融学， 2009， 博士

【摘要】 近年来，控制权私利问题愈发成为公司金融领域的研究热点。以LLSV、Zingales等为代表的学者在控制权私利领域取得了令人瞩目的研究成果。我国在这一领域的研究中也有了较好起点，学者们从不同角度出发就控制权私利问题做了大量研究，出现了一些较有价值的论著。在总结前人研究成果的基础上，本文首先分析了我国上市公司大股东获取控制权私利的制度基础与方式，为文章的实证分析做了铺垫。随后，以终极控制人类型为标准将上市公司划分为国有资产管理机构、国有企业和民营企业三个类别，对三类企业的控制权私利规模做了计量和比较分析，并就其终极控制股东的现金流权与控制权的分离对控制权私利的影响做了研究。其中，测度三类企业控制权私利规模时选用大宗股权溢价模型，筛选了沪深股市1999-2007年之间发生股权协议转让交易的240个样本数据进行研究，发现国有资产管理机构的控制权私利程度最低，民营企业的控制权私利程度最严重。而在探讨终极控制股东的现金流权与控制权分离对控制权私利影响问题时，选用了2004-2007年的138家公司样本；在一一计算其现金流权比例、控制权比例、现控比和金字塔层级的基础上，就上述每个因素对控制权私利的影响做了实证分析。本研究对认识中国各类上市公司的控制权私利规模、上市公司的真实产权类别、终极控制者的控股结构、公司治理建设有重要参考价值。通过对三大类上市公司的控制权私利规模进行测定与比较分析，就终极控制股东的现金流权与控制权分离对控制权私利的影响做系统的比较研究，以及提出约束控制权私利的措施，有助于国有资产管理体制的完善、有助于国家对资本市场及上市公司的管理、有助于督促上市公司构建更合理的公司治理机制、也因此有助于中小投资者的保护机制建设。更多还原

【Abstract】 Private Benefits of Control has been a new hot topic in corporate finance during recent years. Researchers represented by La Porta, Lopez-de-Silanes, Shleifer, Vishny and Zingales have done remarkable research and got meaningful results. China has also done some good jobs in the subject of Private Benefits of Control.At he very beginning the dissertation analyzes the institutional factors cause the Private Benefits of Control, and the ways of obtaining Private Benefits of Control based on the well review of previous studies. This work paves the way to the following empirical studies. Then referring to LLSV(1999) and other ones "Ultimate Control Shareholder" idea, the dissertation divides China’s Listed Companies into three kinds, that’s State-owned Asset Management Agency, State-owned Enterprises and Private Enterprises. The dissertation calculates and compares the scale of Private Benefits of Control of the 240 samples of the three kinds of companies happened during 1999-2007 in the first empirical study part. When doing this, the dissertation uses the adjusted premium model raised by Barclay and Holderness in 1989, and the adjustment is using Net Asset of Per-Shareholder to substitute the market price in the BH modle. In the second empirical study part the dissertation measures the Cash Flow Rights ratio, the Control Rights ratio, the separation Quantum of Cash Flow Rights and Control Rights, and the Levels of Pyramid Shareholder Structure of the 138 samples happened during 2004-2007. After doing this the study tests and compares their impacts on the Private Benefits of Control.This study is meaningful to finds out the scale of every kind of enterprises, the real property rights status and the ultimate control shareholder rights structure of listed companies. Through comparing the Private Benefits of Control scale of different companies, and the different impacts of CR, VR, SQ and Pyramid Levels imposed on the Private Benefits of Control systematically, it is good to perfect the State-owned Asset administration, to supervise the capital market and listed companies, to find out better corporate governance, and all these are necessary to perfect the system aims at protecting small and medium sized investors.更多还原