经济管理
經濟管理
경제관리
Economic Management Journal（EMJ）
2009年
4期
70~76
,共null页
治理环境 股权特征 控制权私有收益
治理環境 股權特徵 控製權私有收益
치리배경 고권특정 공제권사유수익
corporate governance; characteristics of ownership Structure; private beneiits ot control
本文选用2000-2006年深沪两市第一大股东发生变革的上市公司作为研究样本，检验了治理环境和股权特征对控制权私有水平的影响。本文的实证结果表明，在其他条件不变的情况下，政府干预程度越轻，控制权私有收益越小；执法水平越高，控制权私有收益越小；第一大股东持股比例与控制权私有收益之间呈倒“U”型关系；股权制衡对控制权私有收益有负向作用；股权性质对控制权私有收益没有显著影响。
本文選用2000-2006年深滬兩市第一大股東髮生變革的上市公司作為研究樣本，檢驗瞭治理環境和股權特徵對控製權私有水平的影響。本文的實證結果錶明，在其他條件不變的情況下，政府榦預程度越輕，控製權私有收益越小；執法水平越高，控製權私有收益越小；第一大股東持股比例與控製權私有收益之間呈倒“U”型關繫；股權製衡對控製權私有收益有負嚮作用；股權性質對控製權私有收益沒有顯著影響。
본문선용2000-2006년심호량시제일대고동발생변혁적상시공사작위연구양본，검험료치리배경화고권특정대공제권사유수평적영향。본문적실증결과표명，재기타조건불변적정황하，정부간예정도월경，공제권사유수익월소；집법수평월고，공제권사유수익월소；제일대고동지고비례여공제권사유수익지간정도“U”형관계；고권제형대공제권사유수익유부향작용；고권성질대공제권사유수익몰유현저영향。
Private Benefits of Control are in closely related with external environment and Characteristics of Ownership Structure in China＇s listed companies. This paper chose listed companies which their first major shareholders changed from 2000＇ to 2006＇ in the Shanghai and Shenzhen stock markets as samples. Starting from the process of marketization, we explored the impact that unique characteristics of ownership structure exert on private benefits of control. The empirical results show that good external environment of governance can inhibit the motivation and behavior of Private Benefits effectively. As the separation between cash flow right and the controlling right, large shareholders tend to seek Private Benefits. But with the percentage increasing, they will automatically inhibited demand for Private Benefits. Owing to the improvement of governance environment, effects to Private Benefits exerted by the nature of shareholders will be weaken.
