中国上市公司控股股东私有收益影响因素的实证研究

本文的实证研究结果表明:我国上市公司控股股东的平均私有收益水平为18％左右,与新兴市场的国家相近,但明显地高于市场经济发达的国家;法律制度、公司规模、公司盈利状况、负债融资比例及结构、第二至五大股东持股比例和流通股比例都对控股股东私有收益有不同程度的负向影响,而行业保护和控股股东持股比例都对控股股东私有收益有不同程度的正向影响。

Determinants of Private Benefits of Controlling Shareholders:Empirical Studies on Chinese Listed Companies

The result of empirical analysis shows that the average of the private benefits of controlling shareholders is about 18%,which is near to that of the emerging market country,but higher than that of the developed market economy country;the private benefits of controlling shareholders is negatively associated with legal system,the size of the com- pany,profit position,the ratio of debt financing,the structure of the debt financing and the total shares held by the sec- ond to fifth largest shareholder;there is a positive correlation between the industry protection of company,shares of the controlling shareholders and the private benefits of controlling shareholders.