控制权收益的经济学分析

Abstract

本文从控制权收益的含义对其进行经济学的分析,我们认为现金流权与控制权的偏离,是产生控制权收益的一般原因,控制权收益是一种产权公共领域中的攫取行为。同时,从控制性股东与其它股东的契约博弈看,政府的有效监管以及提高控制性股东掠夺行为的经济成本与法律风险,是抑制控制权收益、保护中小股东等利益相关者的重要手段。

Analyzing the meaning of the private income of control rights,we conclude that the private income of control originates from the deviation of cash flow rights and control rights.And it is a predatory behavior in the public domain. We conduct an analysis of the game between controlling shareholders and minority shareholders.And our conclusion is that the encroachment of controlling shareholders is inversely proportional to the effectiveness of regulatory governance and the likelihood of lawsuit rulings in favor of minority shareholders.