Empirical Study on Chinas Listed Companies Private Benefits of Control--From the Point of Ownership Nature and Corporate Governance
The expropriation of the small shareholders by the large shareholders is one of the most important questions in the field of corporate governance, by measuring the private benefits of control (PBC) could bring direct understanding of embezzlement level. The paper measures the value of PBC by dividing the controlling shareholder into state-owned shares, legal person of state-owned shares, legal person shares and personal shares. The result of empirical study shows:(1) the legal person of state-owned shares PBC is the highest, the personal shares PBC is the second; (2) for the state-owned shares, the decentralization of share, balances power of shareholder, and the proportion of state-owned shares have restrained effects on PBC, companies controlled by state are more like to gain PBC by overhead cost; (3) in the personal shares, the decentralization of share and balances power of shareholder are negatively related with PBC, while their effects are limited. CEO/ chairman duality is positively related with PBC. No evidence shows that the proportion of independent directors can influence over the PBC. The results could provide some suggestions to chinas shareholder structure reform.
Nature of Ownership Corporate Governance Private Benefits of Control Ownership Structure
WU Dongmei ZHUANG Xintian
School of Business Administration, Northeastern University, Shenyang, 110004
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
616-623
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）