A Governance Risk Study on the Controlling Shareholder--From the Evidence of Chinas Listed Companies
In this paper we empirically studied the issue of the governance risk of the controlling shareholder of listed companies in China, analyzed the dominant influencing factors of corporate governance risk of controlling shareholders from the organizational level, built an early-warning model and carried on the validity test of the effectiveness of the model by using quality evaluation index for corporate governance. The research shows that the controlling shareholder needs to balance the amount of private excess revenue in the options of risk behaviors available and only if the expected excess benefits exceed a certain threshold will governance risks of the controlling shareholders possibly occur. External governance mechanisms such as the legal system environment, the credibility of the institutional environment have an important impact on the governance risk inhibition of controlling shareholders, while internal governance mechanisms such as the mechanism of the shareholder meeting, the board of directors and the board of supervisors have a relatively weakened influence upon that inhibition in terms of governance risks of the controlling shareholder.
governance risk controlling shareholder corporate governance
XU Wei ZHANG Zhi YIN Yuanjia
School of Management, University of Jinan, P.R. China, 250022
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
1286-1293
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）