控股股東的控制權(quán)私人收益理論模型與經(jīng)驗(yàn)證據(jù)

1、控股股東的控制權(quán)私人收益理論模型與經(jīng)驗(yàn)證據(jù) 31 2 Vol.31,No.22011 2 SystemsEngineeringTheory&PracticeFeb.,2011:1000-6788(2011)02-0229-10 :F276.6 :AB . ' &Y %/ 0C 1 ? ! ; :# $ %&&' () % * , ( , 710049)+, -. .D *! +) -,2; 00EM3?$N20_FO06P2aQ3 R.456 !78.859: ;:<%&a

2、mp; & 'C= >K7L8 ?.%.&A& ,BGH EIJ:456 !10.66%; STUV & LWO-XI. ! ;WO,%&&'().% *+, Z ;%&&'().% *+, MU bc01N .;%&&'% *+, ;de:&'STUVPrivatebenefitsofcontrolofincumbe

3、ntshareholders:TheoreticalmodelandempiricalfindingsLUOJin-hui,WANDi-fang(SchoolofManagement,XianJiaotongUniversity,Xian710049,China)AbstractThisstudyinvestigatedtheeffectsofcashflowrightsandcorporategovernancemechanismsonincumbentshareholdersprivatebenefitsofcontrol(PBC).Usingadatasetof85blocksharet

4、ransactionswithcontroltransferinChineselistedcompaniesbetween2003and2006,thisstudyfindsthat:TheaveragesizeofPBC,asmeasuredbythepricepremiumofblocksharetransactions,isabout10.66%inChineselistedcompanies;Firmswithmoreindependentdirectorsontheboard,andfirmswithmultiplelargeshareholdershaveasmallersizeo

5、fPBCandthusexperiencelowerlevelofincumbentshareholdersexpropriationofminorityinvestors;Consistentwiththetheoreticalmodel,thisstudyfindsevidenceofasignificantnonlinearU-shaperelationshipbetweentheincumbentshareholdersPBCandhis/herultimatecashflowrights. Keyw ordscorporategovernance;incumbentsharehold

6、ers;privatebenefitsofcontrol(PBC);multiplelargeshareho ld ers ;i ndepend en td ir ect or s1fg 20 90 , ? , , (privatebenefi h , t s ofcontrol) . , . , ? , .j%ik 19 80! G ro ss! m an H ar t , 1?2. ,Johnson,Porta,Lopez-de-Silanes Shleifer :2009-09-04: (70572039,70972101): ; (1983), , , # , !$ ,!$ ;# !

7、;$ (1953), , , ! ,!$ ;#&' % ( ! &);' . 2)%3 % ;0 ) # / ' ? 0# / ) $% - +*% ( , . 4' - + & ' ! ) * ) . &$ +* ( ( ?+ *# , # - / $ +! .3 ; * %&, 31 “$+3”*(tunneling),+ ,*,' ( - !4.,( ; $) “$” *& 0 %- *

8、 #+ &+ /$ 1 2 !& %.( ! ; (control-enhancingmechanisms) 5. . , 3,6,+,$1* 7. , ! 0 $ , ,2 & *&!3 . -*+4,8?12.1, ,( , +*!(- ', % ,+0 .-/7,13./0, 1201( #3 * /- , + 3' 6 5 4 2 )+ 5 2 -2 50 .-/, .( $)“$”* 2)+ 14.+/, 4;,3$ &1+(-* -,.,61“$+”* ), , “$

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15、1?()>03s(3)2F: % -3,/E 91-3.(3)&, k<= ,36:dkdsc(k,s)+c(k,s)skssd4 =?()?(4)d?dsc(k,s)+c(k,s)=0(5)skssdk, *! A(,K;, -J L; dk,=0.d(4) * > . I 36:H? 0 ds(?(;) )? (=)d,G)(6c(k,s)ss+0 ,?()0,()1,K?dsdU .+ D .H1 *<0;G1 ,?()1,?sds()0,Kd>0.9 (I, dd J,J! H 0 ; U /; .-

16、(5) > . 36 : ?dsc(k,s)sk=?<(7)dkc(k,s)ss(7) .8 ,: L; , % . .H2 BC < +,+ DM . BC < + .3.p/012 3M.1 05=J 3- 4 5 q3.1.1 6 7 82 3 .4=J 9 8( .?$ CI , >2.-0>2!(5 20 5 21 ( 5 +H22 .?$ 8 =? $)( , K Barclay Holderness (5 J N2L 35 ?2 , N E &N4 K( #D#B! ;* 31 2

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22、;amp;: (9)J-?.PBC=+CF+CF2+Secblocker+Directori,t1i,t?12i,t?13i,t?14i,t?1 +Size+Debt+Cash+ROE+5i,t?16i,t?17i,t?18i,t?1M EX . Z ?( 9)i,t, % >,CF2CF >, ? /)>.i,t?1i,t?1i,t 3.3%u A v1(2;BCw, X 20032006 =3 b; A C$) (- Y c2 G/_a N (_b Z;Y$ (? c ; 3C_)C. E A O '=A($Z 6 11, -X

23、. 12W4 L;:1) NB<N36 ;XYE;2) 0;4) C.*,;5) 6 $215%;6) K $) , D;7) 6 O I 33.,. 36 0 ( CS!M7AR ) ddS . e (GTIOne) _ 85 , 2003 24 ,2004 7 ,2005 28 ,2006 26 .41 2 . 3 p $G/8 _H0*=I!$DJ5 E4.1FKL2C . 7 4 8 5_69 P&:.8. 2I $ a ):1) 0 10.66%, 14$Bai,Liu Song-J 31 32.8%,fa 8 e *- 1E > &

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25、.330.44Secblocker0.620.4900111Size20.700.8519.0820.0720.6221.0423.15Debt0.520.230.010.380.530.680.94Cash18.141.3914. I 8417.3218.2519.1221.568*1 >< ROE?0.100.27?1.40?0.190.020.06 0.264.2 UV;WX3C >29 Pearson &:.8. 3 I2,1) (PBC)(Director)= -*+; ., (PBC) :( (Secblocker)=9(+

26、 ,f-*.2) (PBEBhG!C) ; (CF)=2!-* ; , DB f,agI,; =8.1.&p8GTd8gdBlebBmm Ua Bh(dGegej#B.2.f 2004 DyckVZingalesA !$i&10%# fh2,i_Pb g BG8gjkjh ,akVZ?,cl,_Pm hdRemB;f,bcnG8dBZ?na15%& ,oPbc.234UJ:(#! ;* 31 3xy;<MPearsonYZST123456781PBC1.00?0.062CF1.00(0.61)?0.29*0.033Director1

27、.00)(0(0.77.01)?0.11?0.37*0.174Secblocker1.00(0.33)(0.00)(0.13)?0.25*0.010.20*?0.20*5Size1.00(0.(0.02)93)(0.07)(0.07)0.20*?0.020.01?0.050.33*6Debt1.00(0.85)(0.92)(0.65)(0.06)(0.00)?0.23*?0.030.30*0.060.72*?0.13 7Cash1.000.81)(0.59)(0.04)(0.01)(0.00)(0.22)W?0.38*0.00?0.42*8ROE)(0.77)(0.25

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30、2.58)(2.54)(3.15)27.69*27.59*25.74*25.91*26.69*22.56*ROE(2.88)(2.85)(2.68)(2.74)(2.88)(2.49)0.041.07*1.25*CF(0.25)(1.83)(2.27)0.01*0.02*2CF(1.82)(2.08)10.63*11.11*Secblocker(2.16)(2.16)59.76*53.43*Director(2.70)(2.46)boefFmpRJ6.515.164.986.387.085.87Prob.>F0.00010.00040.00020.00010.00000.0000

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36、2004 !7 . ,& *a&: <=(,+/,2003 1wp ,x 3 'ni9 Ia *&:,.8 5 5 6-?, . &61I,!o 1 $Ast ?ruva.4.4.3'fW2004 4q29? $2006 Q19 B &j?+gv :S . -B,+I! . ') ., -!dS. ,/!M7 ( j00 $05I)49 ,000677 600146)2007 0B &j?, M7 (- 20205k ,P &

37、;amp;j?wgA$)2006 .+/,3$ &j? . .236lm9D9(D#:#! ;M*ST 31 5wxPy129D39D49D59D6272.85*293.31*273.93*277.23*303.79*304.33*(4.13)(4.40)(4.15)(4.23)(4.46)(4.46)?19.32*?20.55*?19.94*?19.83*?20.99*?20.85*Size(?3.91)(?4.16)(?4.01)(?3.99)(?4.16)(?4.12)41.10*45.73*41.18*40.35*41.57*41.18*Debt(3.13)(3.41)

38、(3.16)(3.12)(3.18)(3.14)8.59*8.92*9.12*9.02*8.95*8.64*Cash(2.99)(3.15)(3.11)(3.07)(3.11)(2.97)?20.92*?19.67*?22.25*?22.60*?20.53*?20.52*ROE(?2.25)(?2.18)(?2.43)(?2.48)(?2.21)(?2.21)?1.21*?1.19*?1.15*?1.23*?1.31*?1.26*CF(?2.19)(?2.19)(?2.07)(?2.20)(?2.36)(?2.23)0.01*0.01*0.01*0.01*0.02*0.02*2CF(2.00)

39、(1.94)(1.86)(1.98)(2.18)(1.99)?9.63*?0.70*?10.34*?11.13*?12.47*?12.68*Secblocker(?1.88)(?2.35)(?1.95)(?2.15)(?2.41)(?2oo fpTY&pUUJJ.44)?58.41*?58.42*?4.84*?53.40*?76.77*?78.51*Director(?2.71)(?2.74)(?2.09)(?2.45)(?2.95)(?3.00)NoNoNoYesNoYesNoNoNoNoYesYesFR5.656.035.555.164.674.32Prob.&gt

40、;F0.00000.00000.00000.00000.00000.00002R0.30700.32410.30240.30830.32480.3215 dsjbGeHmJGZ?tYJ858585858m5JB85:1)cUJ#(GGHB( 8D EC(PBC);2)* * * qrsa1% 5% 10%BWQhic;3)i dBTn'R;4)9D1 BSecblocker&GHGZ?jP10%BUUJtY,n9uDh2 BSecblocker,9D3 BDirectorQj&WOXV YtYJ.alTp,UJBTJ U1 BUJnqar. /

41、5D 20032006 A Z $) 855(- 8/ I ! = 8 * .0 8 9z 6 ), &: “$+'”)* . :. *!(- I6 .- /, U, /; .8 , *! , . BC <:1) 65 4 + . 10.66%; =; > <= F r A ; ( 2)- H *0 + 0 . 6,3$ U /; *! ;3)./0, J ; E X 4 * ? * 1 > < & j;? 9 A . . >7 8= 3$ I ! + i ,1

42、 ,* 33!?7: . /3 ? ,2!= ( 4. 03*1,6 !20 1:+:8.i !:,4 “$+” *9 , ( < .2; (, a18,43v. ,?$(- $) , :S . 1 0,1 *(. s 1!:!7& . Ix; , M /yv, y v 9 ( , o “1$ + ”* .1,?$N!( s ,+/, . z2 | ; ,A:(GGHB( 8D EC: 9D &'<C2371GrossmanS,HartO.Takeoverbids,thefree-riderproblem,andth

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