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Research on Over Equity Financing of Listed Companies Based on Private Benefits of Control

Author: LuoQiang
Tutor: WangYiQiu
School: Northeastern University
Course: Accounting
Keywords: listed companies over equity financing private benefits of control
CLC: F276.6
Type: Master's thesis
Year: 2009
Downloads: 51
Quote: 1
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Abstract


There are more behavior of over equity financing in Chinese stock market, and the majority shareholder aggrieve the interests of minority shareholders are emerging phenomenon,which has become the market constraints and stable development of Chinese votes in a difficult point and the focal point. There are more explanations about the reasons for behavior of over equity financing in inlisted companies from external and internal environment,but,there are less detailed process of analysis and exploration of deep-seated reasons to the issue.First,We introduce the theory of private benefits of control in this paper, in order to understand the behavior which controlling shareholder gains private benefits of control,which leads to the subject of this article. Then, we analysis behavior of over equity financing from the change on equity financing, idle in equity financing the abuse of equity financing on the stock market.We described the nature and severity on over equity financing. At the same time,we present more way which the controlling shareholder may take, in order to obtain private benefits of control. on this basis,we extract the relationship between over equity financing with private benefits of control.We discover that the behavior of over equity financing in stock market extend private benefits of control. Therefore, there is behavior of over equity financing which the controlling shareholder taken in order to obtain more private benefits of control.so,we form the research point of view,which is from the angle of behavior of over equity financing. On this basis,we inspect the relationship between behavior of over equity financing and over equity financing in Chinese listed companies and make empirical recearch on them.We take the companies whose conformity has been transfed for the study, calculated the size of private benefits of control,at the same time, investigate efficiency of equity financing.we make empirical recearch between behavior of over equity financing and private benefits of control. We confirm that the controlling shareholder may take behavior of over equity financing, in order to acquire private benefits of control.Then, we talk over the factor which affect private benefits of control and find how to affect behavior of over equity financing.We do empirical recearch to find the relations between them.We find that the proportion of outstanding shares, asset-liability ratio, equity balances and behavior of over equity financing are negative correlations, ownership of controlling shareholder,the separation between control rights with cash flow and behavior of over equity financing are positive correlation.Thses studies provide direction on how to governance the behavior of over equity financing from over equity financing.Last, with the specific situation of Chinese stock market,we advance some advices on how to manage the behavior of over equity financing,including the capital market legal and regulatory environment to improve and change the single largest shareholder or the shareholder structure of the two major shareholders and so on.

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