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The Study Over The Issue Of Company Private Benefits Of Control

Posted on:2010-08-03Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhangFull Text:PDF
GTID:2189360275457247Subject:Accounting
Abstract/Summary:PDF Full Text Request
With the Theoretical Study of Corporate Governance deepening, role and impact of controlling shareholders in corporate governance are more and more concerned by academics. In China, with further concentration of ownership, the focus of corporate governance has been transferred (from the first category of agent transferred to the second category of agent problem), namely: by the agency problem between shareholders and managers has been transferred to the agency problem between large shareholders and small and medium-sized shareholders. Controlling shareholders take their own advantages to against the implementation of small and medium-sized shareholders, so resulting in a "Private Benefits of Control" issue, and it is also the focus problem of this paper. Available information of the research literature regarding about the corporate control indicates, that the controlling shareholders of company will generally be incompatible with the part of the proceeds from the proportion of shares and more than the average income, which part is the Private Benefits of Control.The article focused on changes in corporate governance theory, and from the theoretical point of view, we analyze the source, characteristics, influencing factors and other issues of Private Benefits of Control.From the empirical point of view, basis on the split share structure reform against the backdrop of incidents of non-negotiable stock transfer, we calculate the size of Private Benefits of Control, and make a regression analysis about the influencing factors. The author detailed overview the measurement of Private Benefits of Control of scholars at home and abroad, raise the research methodology of this article. The article selected 88 conditions of the transfer of control transactions which meet the selection criteria between the 2004 and 2007, the level of Private Benefits of Control was measured by 52.5%, and found such as the controlling shareholder of the company's control, financial situation, size, internal supervision etc. 8 factors for the empirical analysis, we found the indicators number of of the independent directors of the internal supervision is not of significant regression results, this may be due to the independent director system in China is not perfect, as well as weak enforcement and so on.Finally, sums up of the article, and put forward related policy recommendations. Including improve the relevant laws and regulations of the securities market, improving the asset assessment system when the equity transfered,strengthen internal supervision ,establishment of effective corporate governance structure and sound debt constrainted mechanism, Finally,we must further strengthen the supervision of controlling shareholder.
Keywords/Search Tags:Control, private benefits of control, Non-negotiable stock transfer agreement, Split Reform of Share Structure
PDF Full Text Request
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