从控制权利益看上市公司融资行为  

Viewing the Financing Behavior of Listed Companies from the Benefits of Controlright

作　　者：张振兴[1] 

机构地区：[1]北京大学经济学院,北京100871

出　　处：《经济经纬》2007年第3期132-134,共3页Economic Survey

摘　　要：上市公司(特别是国有控股上市公司)治理结构的主要特征是内部人控制。上市公司的管理层和控股股东的实际控制人共同构成内部人,内部人共同分享控制权利益带来的好处。监管政策的出发点是降低控制权利益,减少内部人(控股股东和管理层)与中小股东、债权人的利益冲突,维护市场的“三公”原则。The main feature of the administration structure of listed companies （especially state -controlled listed companies） is the control of inside man. The managers of listed companies and the actual controllers of controlling shareholders together constitute inside man and they share the benefits brought about by control - right. The starting point of supervision policies is to reduce control - right benefits, lessen the benefit conflicts between inside man and medium and small shareholders and creditors, and maintain the ＂fairness, open and justice＂ principles of market.

关 键 词：控制权利益 股权融资 债务融资 实证 政策建议 

分 类 号：F830.4[经济管理—金融学]