| Controlling shareholder expropriation of minority shareholders interests behavior scholars at country and abroad to become more common topic of concern for research in this area is gradually increasing. Our scholars gain control of the late start, the time development of China’s securities market is relatively short. Impact of information transparency of private benefits of control in recent years is the hot topic in order to study the impact of specific mechanisms for controlling shareholders to curb abuse, and to promote the healthy development of China’s capital market, with a positive and practical significance, which is this article the topics to be studied. China’s stock market experienced a special equity division reform, when the net asset value per share in the past and then to replace the open market transaction prices on the level of private benefits of control measure, it is contrary to the core assumption that the bulk of premium equity trading laws. So this measure of control over the private interests on the way preclude the use of open-market trading after the announcement of the price as a shared value. On the issue of China’s listed companies’ information transparency and control over self-interest to study the impact of the article sample selection control of the transfer of shares outstanding event 2010-2013 as the sample, the sample number of samples selected for the final 36. In this paper, capital markets and effective information transfer theory as the theoretical basis, the information transparency into external information environment, information disclosure of information and media characteristics of three mechanisms, to study their impact on the control of self-interest. Selected provinces of China market index separation of ownership, total market capitalization of the media disclosed indicators related to four basic assumptions made. The empirical results obtained control of the external environmental factors and a negative correlation between self-interest, the legal system is able to suppress the occurrence of private benefits of control. Media reports and gain control over the level of negative correlation, indicating that media reports can suppress the occurrence of private benefits of control. The total market capitalization of companies trait information and indicators related to the separation of ownership and the assumption has not been verified. Articles heaviest regression analysis showed a significant linear relationship between the dependent variable and the explanatory variables gain control over information transparency, choice of variables in this article, or more accurate.The controlling shareholder of the company and the interests of minority shareholders of the listed occupation of behavior not only damages the interests of other shareholders of the listed company’s normal operating hazards, but also a serious impediment to the healthy development of the capital market. Controlling shareholders tend to control the use of their own information superiority, by setting the complex information barriers to manipulate information, to "tunnel" of covert way, embezzlement of company resources, harm minority shareholders, seizing control of the gain. Controlling shareholders " tunneling " approach, from opaque and asymmetric information, indicating that there is an inherent relationship between private benefits of control and transparency of information. And since the financial crisis, the subject of the information transparency of information for users of wide concern to the information users provide complete, accurate, and timely information is also listed on the company’s obligation is to determine the basis of the enterprise value of the outside world. Factors affecting the transparency of information to improve corporate transparency, increase information asymmetry capital markets, providing high-quality information has a decisive significance... |
