An Empirical Study on the Block Shareholders Degree of Exploitation in Chinas Listed Company
Block shareholders exploitation has become the kernel problem and standout conflict in corporate governance. The main reason that leads block shareholders to expropriate minor shareholders is to snatch the private benefits of control (PBC); therefore the scale of the PBC becomes an important measure index of the degree of exploitation. The paper aims to put forward some constructive suggestions to restrict the degree of exploitation of block shareholders through the way of measurement of the scale of the PBC and the regression analysis of its influential factors. The empirical results show that the PBC of Chinas Listed Company are relatively large and the average premium of the sample companies is 7.5％; and the scale of PBC of 2004 is lower than that of 2003. The scale of the PBC are positive correlate with the proportion of equity-transferred but does not prominent in statistics; and simultaneously the scale of the PBC goes inversely with the size and financial status of the Listed Company and shows prominence in statistics.
PBC Equity transfer Block shareholders degree of exploitation
Ma Lei Xu Xiangyi
Management School of Shandong University, P.R.China, 250100
国际会议
第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)
武汉
英文
1850-1855
2007-08-03（万方平台首次上网日期，不代表论文的发表时间）