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

Author: HuangYunJie
Tutor: LiuDongRong
School: Central South University
Course: Business Administration
Keywords: Listed Companies in China Controlling shareholder Control over Private benefits of control
CLC: F276.6
Type: PhD thesis
Year: 2010
Downloads: 271
Quote: 0
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Abstract


Since the 1990s, the private benefits of control became the focus of worldwide corporate finance and corporate governance research. Controlling shareholder and management control over the occupation of company resources from China or worldwide view, the phenomenon has become one of the major ills of the capital market, the encroachment of the controlling shareholder and management in order to achieve control over self-interest seriously damage the small shareholders the interests of small and medium investors' confidence, the consequences of the loss of function of the capital market financing, inefficient allocation of resources. Therefore, how to guard against the encroachment of the controlling shareholder behavior is not only the focus of corporate governance in China, but also solved the problem of corporate governance in most countries in the world. Private benefits of control of listed companies in China as the research object, on the basis of previous studies, the use of normative and empirical research methods, analysis of the background of Chinese listed companies private benefits of control system, control over the implementation of the self-interest and their the economic consequences, and on this basis to measure the private benefits of control of listed companies in China, its size and characteristics, the use of econometric analysis tool to study the impact of private benefits of control factors, the private benefits of control and firm performance, game turn regulatory control over self-interest and regulatory measures depth and systematic research to provide theoretical support and suggestions to further improve the governance of listed companies in China, to curb infringement of the controlling shareholder of the small and medium investors, to protect the interests of minority shareholders. First, the combination of the listed companies in China's unique institutional background, based on the contract theory, the theory of corporate governance, control over market theory and understanding of the principal-agent theory, the use of the institutional background of the the normative analysis methods for the control of the self-interest of the listed companies in China, private benefits of control The way to achieve economic consequences of private benefits of control are discussed. Studies suggest that the institutional background of the private benefits of control in Chinese listed companies showed the following characteristics: Chinese listed companies \and market supervision is weak; private benefits of control of listed companies in China to achieve Holdings Shareholders of related party transactions, malicious financing profit manipulation; management and controlling shareholders of listed companies in China to grab control of the right to self-interest to have serious economic consequences, damage the efficiency of corporate governance, affect the performance of listed companies in China, infringed upon the legitimate rights and interests of the minority shareholders. Secondly, on the basis of domestic and foreign private benefits of control metrics proposed measurement model suitable for Chinese listed companies control over self-interest, and select the 2006 - 2008 occurred during the transfer of a controlling stake in the company's data, empirical analysis, The study showed that: the mean of the results of a measure of control over the self-interest (PBC) was 14.99%, the private benefits of control 18.71% in 2006, private benefits of control in 2008 only 11.75%, a downward trend in the past three years, illustrates With capital markets development, the controlling shareholder encroachment behavior constraints continue to strengthen the gradual decline in the level of private benefits of control. But compared to other countries in East Asia and the world, a level that is still higher, still need this for further analysis and to strengthen supervision. Again, based on the summary of the relevant literature, from the company's characteristics and the internal governance structure level to study the impact factors of listed companies private benefits of control. The level of private benefits of control of listed companies in China explanatory variables, the first shareholders' proportionate interest in the capital structure factors, early management fees, the proportion of the outstanding shares, pre-earnings level, company size, the ability to grow as an explanatory variable, analysis of their control over the the impact of self-interest, the study found that pre-earnings levels and the ratio of shareholders' equity and private benefits of control are relevant and significant, company size, the proportion of outstanding shares and prior administrative expenses of private benefits of control are negatively correlated. Then we study the correlation of the private benefits of control and firm performance of listed companies, to help recognize private benefits of control of Chinese listed companies from operating activities. In the choice of company performance indicators, systematically selected from the five aspects of solvency, profitability, ability to grow assets operating capacity and cash flow position fifteen corporate performance indicators as explanatory variables, and the use of factor analysis identify the most explanatory power 5 public factor to comprehensive measure of the performance of the company, and then carried out on the basis of regression analysis and robustness test, to study the private benefits of control and firm performance of listed companies in China. 2006-2008 explained variable control over the self-interest of the regression coefficient t values ??were 2.265,2.146 and 2.326, corresponding to accompany probability value (Sig) were 0.030,0.035 and 0.021 by 5% significant level test, and the regression coefficient -0.837, -0.638 and -0.346, respectively, are negative, indicating that there is indeed a negative correlation linear relationship between the private benefits of control and firm performance of listed companies in China. Finally, we constructed the main SFC, minority shareholders, the controlling shareholder of the tripartite dynamic game model game analysis of private benefits of control supervision of listed companies in China, through the regulatory game model analysis concluded: either long-term or short-term, effective suppress the occurrence of the controlling shareholder encroachment behavior, the two measures the first SFC should continue to reduce the regulatory costs, and the second SFC should increase supervision of private benefits of control, the heavier punishment on the behavior of the controlling shareholder expropriation. On the other hand, the use of the control over the regulatory refinements to model and explore how the four members of the shareholders, creditors, managers of listed companies in China, and the production members control over regulatory optimization problem. The study suggests that: depends on the relative importance between the shareholders of listed companies, creditors, managers, and productive members of four members and the effectiveness of the regulatory control over listed companies optimize arrangements. On this basis, we cultivate control over the market of China's listed companies; building company equity checks and balances; strengthen the protection of minority shareholders; improve the information disclosure of listed companies in China; five aspects of the private benefits of control five regulatory model of Chinese listed companies private benefits of control regulatory measures were discussed.

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CLC: > Economic > Economic planning and management > Enterprise economy > A variety of enterprise and economic > Company
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