An Empirical Study On The Relationship Between The Transparency Of Information And Private Benefits Of Control

The controlling shareholders encroach on minority shareholders interests has become acommon phenomenon, the current capital market is not perfect, it led to grab control privatebenefits, control private benefits is an important part of related theory of corporategovernance and economic development. The controlling shareholders encroach on privatebenefits, also known as the "tunnel", has the characteristics of "hidden". The private benefitsof control transparency and information relevance, from the Angle of informationtransparency, searching for ways to inhibit control private benefits grab, to curb thecontrolling shareholder of the interests of minority shareholders, to promote the healthydevelopment of China’s capital market has the positive significance of this research topic isdetermined in this paper.This paper mainly studies the transparency of information of listed companies andprivate benefits of control, looking for from the Angle of information transparency inhibitingprivate benefits of control. This paper argues that information by the corporate governancestructure, enterprise quality information transparency and media disclosure of three factors,three factors and can be broken down into six indicators, namely the ownership concentrationand equity balance degree, the company size, earnings per share, asset-liability ratio, mediadisclosed. Discusses in this paper is divided into four levels: first level as the researchbackground and literature review, on the basis of summarizing the existing research results,analysis of the existing research achievements and the existing defects and the insufficiency,clear practical significance and theoretical significance of this study, this paper, the researchmethod and research content and innovation points. Theoretical analysis are introduced in thispaper, the second level, and the residual control theory, principal-agent theory as thetheoretical basis for empirical research of this paper, which lead to this article researchhypothesis. At the same time build information analysis framework of transparency; Thirdlevel is empirically research hypothesis, to the data of76listed companies selected by usingSPSS16regression and principal component analysis, according to the research analysis,detailed study correlation information transparency and private benefits of control; The fourth level is the empirical research conclusion, through the study of this article, provide datasupport for the inhibition of private benefits of control measures, and based on this, advancesthe corresponding recommendations. The innovation of this article is from the aspects ofinformation transparency of private benefits of control, on the basis of the regression analysis,the influence of the weights of each variable given construct comprehensive indexinformation transparency, transparency of information of listed companies on the wholeresearch of private benefits of control comprehensive effect.According to the above analysis, this article suggested that, relevant departments shouldstep up supervision on the quality of information disclosure of listed companies, urging timelydisclosure of listed companies to investors significant information, can better protect theinterests of minority shareholders; Reduce equity concentration, actively bring in outside bigshareholders, reduce the controlling shareholder’s stake, enhance the effect of ownershipbalance and optimize equity structure; Expand the scale of the company, perfect the functionof capital market; Improve the protection of rights and interests of minority shareholdersrelated laws and regulations, increase the penalties for the interests of the controllingshareholders encroach on minority shareholders; To strengthen the ego to protectconsciousness and ability of small and medium shareholders.