CAJ | 학술논문

基于我国上市公司的所有权控制背景，本文实证考察了不同控制特征下资本投资规模对控制权收益形成的影响。研究结果发现：央企所辖上市公司通过资本投资攫取控制权收益的程度显著低于地方所辖的上市公司；民营上市公司的投资规模对控制权收益的影响程度高于中央企业集团控制的上市公司，低于地方企业集团和国资委控制的上市公司；地方企业集团所控上市公司的资本投资行为不仅挤占了中小投资者的共享利益，而且损害了企业价值。
기우아국상시공사적소유권공제배경，본문실증고찰료불동공제특정하자본투자규모대공제권수익형성적영향。연구결과발현：앙기소할상시공사통과자본투자확취공제권수익적정도현저저우지방소할적상시공사；민영상시공사적투자규모대공제권수익적영향정도고우중앙기업집단공제적상시공사，저우지방기업집단화국자위공제적상시공사；지방기업집단소공상시공사적자본투자행위불부제점료중소투자자적공향이익，이차손해료기업개치。
Based on the control character of Chinese listing companies, this paper empirically studies the impact of capital investment on control benefit under different control characters of shareholders. The conclusion is： the companies controlling by the central government snatch less the control benefit from capital investment than the companies controlling by the local governments; the private companies snatch more the control bene- fit from capital investment than the companies controlled by the central government; such influential effects of private listing companies is higher than those controlled by the central government; the capital investment behavior of the companies controlled by the local governments not only occupies the joint benefits of middle and small shareholders but also does harm to the corporation value.