| 终极控制、利益一致性与公司价值 |
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| 引用本文： | 冉戎,郝颖.终极控制、利益一致性与公司价值[J].管理科学学报,2011,14(7):83-94. |
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| 作者姓名： | 冉戎 郝颖 |
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| 作者单位： | 1. 重庆大学贸易与行政学院,重庆,400030
2. 重庆大学经济与工商管理学院,重庆,400030 |
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| 基金项目： | 国家自然科学基金资助项目(70772100;70902030); 教育部人文社会科学基金资助项目(09YJC630242); 重庆市教委人文社会科学基金资助项目(10SKL12); 中央高校基本科研业务费资助项目(CDJSK11016;CDJRC10010012) |
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| 摘 要： | 在我国上市公司终极控制背景下,对代表不同利益一致性的控制权私利的定性与作用进行了理论阐释,并以1998 ～2006年的数据为样本对代表不同利益一致性的控制权私利作用及其对公司价值的影响进行了研究.结果发现:(1)我国的上市公司当中,存在超额控制权私利和合理控制权私利.(2)超额控制权私利具有侵害性质,会对公司产生负面影...
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| 关 键 词： | 两权分离度 控制权私利 股东利益一致性 公司价值 |
Ultimate control shareholders,coherency of shareholders' benefits and corporate value |
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| RAN Rong,HAO Ying.Ultimate control shareholders,coherency of shareholders' benefits and corporate value[J].Journal of Management Sciences in China,2011,14(7):83-94. |
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| Authors: | RAN Rong HAO Ying |
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| Affiliation: | RAN Rong1,HAO Ying2 1.College of Trade and Public Administration,Chongqing University,Chongqing 400030,China,2.School of Economics and Business Administration |
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| Abstract: | We explain in theory how different kinds of private benefits of control represent different coherency of shareholders' benefits,under ultimate control structure of China's listed companies,and study the different effect of these private benefits of control on the value of a company using data of China's stock market from 1998 to 2006.We find that,firstly,there are excessive private benefits of control and reasonable private benefits of control in China's listed companies.Secondly,excessive private benefits ... |
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| Keywords: | separating degree private benefits of control coherency of shareholders' benefits corporate value |
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