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Research on Private Benefits of Control in China’s Listed Companies Control Transfer

Author: ChenMengZuo
Tutor: ZhangLiShang
School: Southwestern University of Finance and Economics
Course: Accounting
Keywords: Private Benefits of Control Control is transferred Influencing factors
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 124
Quote: 1
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Abstract

Article background and significance with the deepening of the study of the theory of corporate governance, the role and influence of the controlling shareholder in the corporate governance more and more scholars are concerned about. Corporate governance focus gradually transferred from the agency problem between shareholders and managers of the agency problem between large shareholders and minority shareholders, and its core is to explore the extent to grab private benefits of controlling shareholders or internal managers and its impact on corporate governance efficiency the impact. Foreign academic circles this issue of the transfer of private benefits of control carried out extensive and in-depth research, but because our country has a special system of background characteristics, this problem is only in recent years gradually by the attention of our theorists and practitioners, and so on China listed company control over the transfer of private gain in-depth and specific research has a very important significance. Article structure and the main content of this thesis the context of China's securities market, the private gain control over the transfer of listed companies in China as the research object, measure the transfer of private gain level control over China's listed companies, private gain control over the size and characteristics, and on this basis to explore the impact of the mechanism and the degree of influence of the control over the major determinants of private benefits. Finally, on the basis of empirical research conclusions, specific policy recommendations. The introductory part of the first chapter, the first control over control over private gain as well as the transfer of control over the meaning defined. On the basis of previous studies, the definition of control over the ownership of the company (directly or indirectly) the basis of an influence of the major decisions of the company and the company a variety of available resources management dominated . Private Benefits of Control, although many scholars in favor of the non-monetary gains, such as over-the-job consumption, sense of honor, and also classified as private benefits, but this article is that the premise of the development of the domestic securities market is not standardized, it will be difficult to quantify. non-monetary gains added private benefits, will increase the already complex analysis of the stock market difficulty, Private Benefits of Control referred to herein is the share of minority shareholders of the controlling shareholder of monetary gain. Control is transferred can be understood as the controlling shareholder of the transfer of control over the transferred control of the Board of Directors and managers which control is transferred to three aspects of this article referred to the transfer of control of the largest shareholder is changed as the flag of the transfer of control over. Related concepts defined, the introductory part of this writing the framework of a simple generalization, clarified the thinking for below. In the second chapter of the next major enterprise contract theory, principal-agent theory, and control over the market theory introduction and evaluation, the purpose is to find the theoretical basis of the presence of the Private Benefits of Control. Then introduced several transfer of control of motivation theory, and is theoretically proved that the transfer of control over the feasibility of private revenue. After the transfer of control over the private benefits literature review and comment, including private gain control over the angle and metric, and pointed out that it is due to the different characteristics of the research from different perspectives, and national securities markets lead Metrics and Research Conclusion of the differences. So the need for China's actual situation of the transfer of control over the private gain of metrics appropriate improvements, the following will be conducted empirical analysis has played the role of foreshadowing. In the third chapter, first combined with the special background of China's securities market, pointed out that the conflict of interest between the controlling shareholder and minority shareholders, controlling shareholders and management, minority shareholders with management; Secondly, the influence of Private Benefits of Control The factors affecting the classification analysis, to draw financial indicators such as ROE, equity changes in indicators, industry indicators, and so will control of the transfer of private income impact. Chapter empirical analysis of control over the change of China's listed companies. Selected paid equity transfer between 2003 and 2008, a total of 554, according to the controlling shareholder of whether to change the classification and measure the level of private gain control over the transfer of listed companies in China, the draw paired samples (which happened in the year in which control is transferred took place in the company of a small equity transactions, (year) and independent samples occurs only control is transferred or only small stakes in trading companies, the same below), the transfer of control over the total average private benefits are 30 % and 9%. After from financial indicators, four indicators of changes in equity, industry indicators and seller equity nature indicators multiple linear regression analysis, and draw relevant conclusions. The fifth chapter is part of the policy recommendations of this article. Mainly targeted policy recommendations based on the analysis of Chapters III and IV, including improving the performance of the company, institution building to strengthen the equity transfer as well as the improvement of the system of external oversight. Article the main conclusions and policy recommendations based on the empirical analysis of the fourth chapter, we draw the following conclusions: (1) Return on net assets is one of the factors to affect China's listed companies which control is transferred to private benefits. Private Benefits of Control of the indicators in the paired samples and independent samples as independent samples ROE (ROE, coefficient of 0.246) for the controlling shareholder to bring a revenue share of minority shareholders, but in the paired samples, the return on equity (ROE, coefficient of -0.3) plays a negative role. I believe that the equity transferee different result in the rate of return expected on two samples of the company's net assets. Of course, does not rule out that the differences in the results due to incomplete information disclosure of listed companies or partially Falsified lead. (2) Interest indicators affecting a key factor in a change of control of listed companies in China. Proportion of indicators before the transfer control over the transfer of control over the private gain of paired samples and independent samples show a negative relationship, is not strong bargaining power of the controlling shareholder. Equity structure of listed companies in China, the vast majority of shares concentrated in the state-owned shares of state-owned legal person shares, the national equity dilution is strictly controlled, and the transfer of state-owned shares more with policy tendentious, so prior to the transfer of control over the proportion control over the transfer of private benefits presented negative correlation is possible. Paired samples and independent samples for the transfer of the stake, and control over the transfer of private income positively correlated With the increase in the proportion of the transfer of ownership, the right to vote on behalf of the company's decision-making or control over more of the buyer the greater the attraction, also meant bringing the private gain of the larger. (3) in the industry indicators, the performance of the paired samples and independent samples. The former is the comprehensive industry can bring private benefits for the controlling shareholder; independent samples, only the wholesale and retail trade is the controlling shareholder of a private income. Private gain acquired by the controlling shareholder there are some differences between the different sectors. (4) The seller equity nature of the transfer of control over the private gain of an impact. Paired samples and independent samples, and when the seller equity nature of state-owned shares of state-owned legal person shares, the regression coefficients are negative, indicating that the \Private income level of corporate shareholders is negative, it may be more subtle means of controlling shareholder equity transfer, but this article is not detected. For the conclusions of the empirical analysis, the policy proposals put forward by the private gain China's listed companies which control is transferred as follows: (1) increase the occurrence of the equity transfer listed whitewash financial indicators behavior may exist for listed companies, it is recommended that securities regulatory authorities The companies concerned about the extent and scope of which includes a series of related acts, in the time before and after the transfer of allotment issuance, mergers and acquisitions, and dividends are particularly concerned about the articulation between the relevant indicators to prevent large shareholders through stock transfer to seek private gains. . (2) establish and improve the the equity transfer mechanism, \, more than half of the other shareholders (number) on the transfer of negative or do not express their views, after investigation by regulatory authorities decide whether to transfer. (3) for undemanding industry industry chain, such as the Comprehensive industry there may be circumstances through frequent equity transactions enter or exit a competitive industries, small and medium-sized shareholders particularly need to pay attention to the investment of the companies in these industries. (4) the national status of the major shareholders in listed companies is different from the largest shareholder in the general sense, the lack of national equity client virtual spaces, and exit mechanism, really exercise control over the agent to the lack of sustained momentum and constraints mechanism. So when government intervention in the equity transfer should be isolated from its state-owned asset management functions, participate in the transfer only the identity of the owner and the principle of market-oriented behavior. Should reduce the share of state-owned shares in the general competitive fields, must also guard against the deterioration of corporate governance in the part of state-owned shares all or part of the exit to the situation seriously damaged the interests of investors. Four main contribution of the article should say, from an empirical point of view, the analysis of listed companies in China control over the transfer of private benefits is still relatively small, the research papers on which control is transferred to the transfer of certain novelty. The main contribution of this paper is to: (1) for the special background of China's securities market, various research model for comparative analysis and corresponding improved analysis indicators, try to make it suitable for the actual situation of China's listed companies. (2) verify linkage between systems-oriented research methods and multi-angle analysis. The first occurrence of the transfer of control over the company sample classification process, based on a change of control samples of the company's equity nature, the industry carried out a comprehensive analysis, focusing on deep change of control from the perspective of corporate performance and equity structure mining factor. V. inadequacies of this article: control over the private gain of the problem is the core of the modern corporate governance and priorities. In this study, there are some obvious limitations and shortcomings of time, effort and level, as well as the difficulty of data collection, pending further study: (1) data sources. The main behavior of the private benefits through empirical analysis to reveal the major shareholders, the data used in the 2003-2008 agreement to transfer the company's cross-section data, statistical tests able to annual data, the conclusion can be more persuasive. (2) measure did not jump out of the way of previous studies. However, this does not mean that this study does not make sense. Because under the existing conditions, coupled with China's securities market and abroad, many differences that have made the improvement of the metric is not easy. (3) content subject to limited space, do not include the impact of the transfer of control of the various factors, but rather typical analysis of change in control more significant impact and the need to give priority to the aspects, but not to say that other aspects are not important or may be ignored. This is the article should be explained.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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