The Private Benefits Obtaining And Measuring Methods Research Of Big Shareholders' Control Rights

The private benefits of control rights have become the core contents of modern corporate governance due to the control rights for company resources.Under the background of the seperation between ownership and control rights,the benefits between controlling shareholders and small shareholders are not completely coincidental. Controlling shareholders can utilize the control rights to get the investment benefits which are owned by all shareholders and private benefits which are exclusively owned by controlling shareholders.The ways and actions controlling shareholders getting private benefits are not completely same.They mainly use those actions to make their private benefits come true, such as directly occupied capital from listed company,transferring the assets from listed company by relating businesses,financing with bad intents,profits manipulation etc. Meanwhile,the private benefits of controlling shareholders also include those benefits which are hard to be quantified in money,such as the satisfaction feeling by dominating other people,physical or mental positional consumption as a general manager,etc.Thus it's difficult to directly measure the private benefits of controlling shareholders. In the oversea research,they usually use the indirect methods to measure the transferring premium for control rights.However,due to the speciality of the principles environment encountered by our listed company and the big difference of the bargain capability existed in the stock business,it makes difficult to use oversea methods to measure the private benefits and should do comparison and analysis according to the domestic actual situation. This paper does comparison and analysis for all kinds of measuring methods based on the domestic and oversea research and then generates the improved measuring methods for shareholder rights transferring premium,which is using controlling variables and backward eliminating method to filter those independent variables and then find two controlling variables,financial crisis and assets-liabilities ratio,have big impact on private benefits.This paper shows the improved stock rights transferring premium method is proper to measure the private benefits of controlling rights transferring for our listed company under the special background of controlling rights transferring of our listed company.The control rights structure specification and transferring characteristics can influence the bargain capability and determine the private benefits ratio between two parties.Obtaining the private benefits of control rights not only leads to infract the small shareholders' benefits by controlling shareholders,but also deduces the company values and the potential growing capability.So it's necessary to reasonably measure the private benefits of control rights.It can be helpful to understand the controlling shareholders' infraction to small shareholders and to deeply research the influencing factors and the working mechanism of control rights private benefits.