所有权安排对大股东控制权私利的影响研究

Abstract

尽管所有权安排将通过所有权的性质、控制方式和结构比例等主要特征影响大股东控制权私利的攫取行为,但在不同国别和公共治理模式下却存在着利益目标抉择和诉求的相对差异。本文结合分级履行出资人职责的制度背景下,中央和地方国资委分别掌握上市公司终极控制权的基本特征,着重从所有权的控制方式和结构比例两方面阐释了我国上市公司大股东攫取控制权私利的动机、能力和实际效果差异。本文的研究结论将为股权分置改革和国有资产管理中配套法规的建立提供经验依据。

The private benefits of corporate control(PBC) expropriation behavior of controlling shareholders presents relative differences in aim-choices and requirements in different countries and different modes of corporate management,though it can be influenced by ownership structure through the characters,control modes and proportions of ownership.On this background central and local governments fulfill the investment person responsibility respectively,the central and local China State-owned Property Committee have become the ultimate controlling shareholder of Chinese listed companies.Based on the theory that ownership structure is the impact of the level of PBC,we conduct a thorough empirical study on the tunneling of majority shareholders from the two perspectives: the ultimate control models and the stake of the largest shareholder.The conclusion of the thesis can provide empirical assistance for the establishment of correlative statute during the reform of split share structure and the management of state-owned assets.