大股东地位、产权属性与控制权利益获取——基于大宗股权交易视角的分析  

Large Shareholders' Position,Features of Property Right and the Gain of Control Benefits:Analysis from the Angle of Block Share Transfer

作　　者：叶会[1] 李善民[2] 

机构地区：[1]浙江工商大学财务与会计学院,浙江杭州310018 [2]中山大学管理学院,广东广州510275

出　　处：《财经研究》2011年第9期134-144,共11页Journal of Finance and Economics

基　　金：国家自然科学基金资助项目(70972074);教育部人文社会科学研究青年基金资助项目(10YJC630369);教育部人文社会科学研究资助项目(09YJC630203)

摘　　要：文章利用2006-2010年发生的大宗股权交易事件,对大股东获取控制权利益行为进行分析。研究结论表明,大股东在所有权结构中的控制能力越强,能够获取的控制权利益水平就越高,但是与非控股大股东相比,处于控股地位的大股东更倾向于以私有收益的方式实现控制权利益;与非国有股东相比,国有性质的股东更倾向于以私有收益的方式实现控制权利益;较好的市场环境能够有效抑制获取控制权私利行为,尤其是对控股大股东和国有性质股东获取私利行为的作用程度和效果更明显。This paper explores the behavior of large shareholders＇ gai- ning control benefits by using the data of block share transfer from 2006 to 2010. The results show that under the stronger control of large shareholders in ownership structure, large shareholders will gain control benefits with a higher level, and compared to non-controlling shareholders, large sharehold- ers as controlling shareholders are more apt to achieve control benefits by private benefits; compared to non-state-owned shareholders, state-owned shareholders are more apt to achieve control benefits by private benefits; a sound market environment could effectively curb the behavior of gaining pri- vate benefits, especially the behavior of controlling and state-owned share- holders＇ gaining private benefits.

关 键 词：大股东地位 产权属性 控制权利益 大宗股权 

分 类 号：R275[医药卫生—中医皮科]