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Empirical Research on the Effect of Ultimate Control Right on Capital Allocation

Author: HuLi
Tutor: WangPeiXin
School: Harbin Institute of Technology
Course: Accounting
Keywords: ultimate controller ultimate control right private benefit capital allocation
CLC: F275
Type: Master's thesis
Year: 2013
Downloads: 2
Quote: 0
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Abstract


Among the listed companies of China，the existence of ultimate controller isuniversal. It is widely accepted that the ultimate controller achieves more profit by theseparation of control right and cash flow right which certainly results in the profit lossof the minority shareholders. The purpose of achieving more profit of ultimatecontroller has deep impacts on the company’s financial decisions， undoubtedlyincluding the investment allocation. Thus，research about the influence of absolutecontrol right on the investment allocation has significant importance to understand theapproaches ultimate controller adopted to achieve more profit and correspondinginvestment allocation behavior of the company.In this dissertation，the influence of absolute control right on the company’sinvestment allocation was investigated. During first part，theoretical analysis onabsolute control right and investment allocation was done to understand relateddefinitions，classification and characteristics of absolute control right，and classificationand characteristics of investment allocation. Then，the impacts of absolute control righton the investment allocation were made in theory. In the second part，theoretical resultsabout the relationship between ultimate controlling right and investment allocation weretested by empirical research.1319companies of A-share stock markets of Shanghai andShenzhen in2011were chosen as samples. The relationship complexity between thenature of ultimate controlling right， cash flow right and control right were set asexplanatory variables. The net profit increase of each investment allocation profit wasset as explained variable. The research showed that: The nature of absolute control righthad significant impacts on the fixed investments，intangible assets investments andR&D investments; The cash flow rights of ultimate controller showed a positivecorrelation with the amount of fixed investments，a negative correlation with the amountof R&D investments and negligible correlation with other two kinds of investments;The relationship complexity of absolute control right presented a negligible correlationwith the amount of R&D investments，and a positive correlation with the amount ofother three kinds of investments.Finally，reasonable policy proposals were givenaccording to the above theoretical analysis and empirical research.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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