天津商业大学学报
天津商業大學學報
천진상업대학학보
JOURNAL OF TIANJIN UNIVERSITY OF COMMERCE
2012年
2期
56-63
,共8页
大股东控制%信息披露%控制权私人收益
大股東控製%信息披露%控製權私人收益
대고동공제%신식피로%공제권사인수익
major shareholder control%information disclosure%private benefits of control
控制权私人收益作为大股东与中小股东之间利益冲突体现,是各国上市公司普遍存在的基本委托代理问题,而信息披露是缓解这一代理冲突的重要机制之一。本文以深市所有A股2006—2010年间发生控制权转移事件的上市公司为样本,考察了大股东控制、信息披露因素对控制权转移过程中大股东获取控制权私人收益规模的影响。研究表明,大股东控制力度越大,控制权私人收益规模越大,而在我国目前投资者法律保护不完善的背景下,信息披露作为公司治理的重要机制之一,能在一定程度上缓解大股东对中小投资者的利益侵占。
控製權私人收益作為大股東與中小股東之間利益遲突體現,是各國上市公司普遍存在的基本委託代理問題,而信息披露是緩解這一代理遲突的重要機製之一。本文以深市所有A股2006—2010年間髮生控製權轉移事件的上市公司為樣本,攷察瞭大股東控製、信息披露因素對控製權轉移過程中大股東穫取控製權私人收益規模的影響。研究錶明,大股東控製力度越大,控製權私人收益規模越大,而在我國目前投資者法律保護不完善的揹景下,信息披露作為公司治理的重要機製之一,能在一定程度上緩解大股東對中小投資者的利益侵佔。
공제권사인수익작위대고동여중소고동지간이익충돌체현,시각국상시공사보편존재적기본위탁대리문제,이신식피로시완해저일대리충돌적중요궤제지일。본문이심시소유A고2006—2010년간발생공제권전이사건적상시공사위양본,고찰료대고동공제、신식피로인소대공제권전이과정중대고동획취공제권사인수익규모적영향。연구표명,대고동공제력도월대,공제권사인수익규모월대,이재아국목전투자자법률보호불완선적배경하,신식피로작위공사치리적중요궤제지일,능재일정정도상완해대고동대중소투자자적이익침점。
The private benefits of control embody the conflict of interests between large shareholders and small shareholders,which is a basic principal-agent problem of the listed companies of almost all the countries.However,information disclosure is one of the most important mechanisms to alleviate the agency problem.The paper made an empirical study of the listed companies of the Shenzhen Stock Exchange(SZSE) between 2006 and 2010,and explored how major shareholder control and information disclosure influenced the scale of private benefits of control when the control of A-shares changed.Studies show that the greater is the major shareholder control,the larger are the private benefits of control.The legal protection of investors is imperfect in China,so information disclosure,as one of the most important mechanisms of corporate governance,can lessen major shareholders' infringement of small and medium investors' interests to some extent.