Research On Capical Allocation Behavior Driven By The Private Benefits Of Control Under Company Law Adjusted

In the past two decades, the agency problem between controlling shareholders and minority shareholders has become the core issue of corporate governance. As the largest shareholder control over the status of occupation outside shareholders intensified, the negative impact of large shareholder governance has aroused more and more concern. The concept of "private benefits of control", marks the largest shareholder research a comprehensive and in-depth. Corporate capital allocation acts as an important aspect of corporate governance, corporate decision-making from the private benefits of control perspective, with the evolution of agency conflicts is constantly given new connotations. The legal environment impacts and mitigation of the role of the agency conflict controlling shareholder self-interest motives are the new hot spot of the recent Western scholars, but the domestic fresh legal environment factors on the behavior of private benefits of control, which is the entry point of this study.Fully learn the latest research results of the corporate governance theory and corporate finance theory, relying on the unique ownership of listed companies in China institutional arrangements and the status of the control structure, the Company Law to adjust the entry point, in-depth to explore the largest shareholder in the private benefits of control the allocation of capital, driven by behavioral characteristics. On this basis, by the revelation of the LLSV "Law and Finance", introduced legal and environmental factors into the analysis of the private benefits of control behavior, and capital allocation behavior of the private benefits of control-driven design of a legal environment from the external to internal corporate governancethe unique framework of the multi-factors research, the private benefits of control has a certain significance. Related studies did not examine the influence and role of legal factors on the behavior of private benefits of control, and adjustment of the Company Law in2006and the Securities Law signifies that China’s legal environment in the dynamic efforts towards small and medium investor protection. So this paper in the legal environment on the behavior of private benefits of control, and improve the corporate governance mechanism, enhance the efficiency of capital allocation and improve the current legal environment to provide the empirical data, has a very important practical significance.