| After the split share structure reform, the control market of china is gradually built up, butbecause of the widespread phenomenon of "dominance" in China’s listed companies, Dominantshareholders through the hands of the control in listed companies can easily occupation theinterests of small and medium investors. In order to get private benefits from the control, thepaper select92samples data from the listed companies which control is transferred in the2006-2011to study, the following conclusions:(a) When the control of listed companies is transferred in china, the private benefits of thecontrolling shareholder are average of about32.56%-44.90%. When the control of listedcompanies are transferred, the price of shares outstanding would change, the CAR of20daysprior to the announcement, greater than20days after announcement.Due to the fluctuations ofoutstanding share’s price, the private benefits of the controlling shareholder is6.17%, in thepaired sample, in the independent sample is6.98%, indicated that the controlling shareholderdoes for his own private benefit.(b) The size of the Target Company, and the control degree of controlling shareholder whichare significantly and positive to the private benefits of controlling shareholder.(c) The target company’s asset-liability ratio and equity balance degree, which aresignificantly and negatively to the private benefits of controlling shareholder. the ratio of theoutstanding shares is negatively to the private benefits of controlling shareholder，but theregression results are not significant in the paired samples.(d) There is a negative correlation between control earnings per share and private benefitscontrol of the target companies, but the regression results are not significant.(e) There is a positive correlation between ROE and private benefits control of the targetcompanies, the regression results in independent samples are significantly, but the regressionresults are not significant in the paired samples. |
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