CAJ | 학술논문

控制性股东向上市公司进行专用性资产投资，产生了资产专用性问题，资产专用性的特性使资产投资方的违约成本增加。控制性股东在这样的前提下对上市公司进行专用性投资，向契约各方传递了一种可置信承诺，承诺对契约的履行，减少投机行为以保证契约双方的利益实现。然而，资产专用性的行为效应存在着噪音，两权分离是一个研究视角，随着控制权与现金流权的分离度加大，控制性股东因为获得超额收益而不惜牺牲中小股东的利益，使约束力减弱。
공제성고동향상시공사진행전용성자산투자，산생료자산전용성문제，자산전용성적특성사자산투자방적위약성본증가。공제성고동재저양적전제하대상시공사진행전용성투자，향계약각방전체료일충가치신승낙，승낙대계약적리행，감소투궤행위이보증계약쌍방적이익실현。연이，자산전용성적행위효응존재착조음，량권분리시일개연구시각，수착공제권여현금류권적분리도가대，공제성고동인위획득초액수익이불석희생중소고동적이익，사약속력감약。
Controlling shareholders produced an issue of asset specificity while making specific assets investment of listed companies.The asset specificity characteristics enable asset investors to increase the cost of default.Thus, controlling shareholders make specific investments of listed companies in this context, inherent to deliver a credible commitment to the contracting parties, commit to fulfill the contract and reduce speculation in order to ensure the interests of both contract implementation.However, there are noises exist in the behavioral effects of asset specifici-ty.From the point of view of the separation of ownership, with the widening separation of control rights and cash flow rights, controlling shareholders can get excess returns at the expense of the interests of minority shareholders, make them binding weakened.