公司控制权私人利益的法经济学解释  

Analysis of Private Benefits in Corporate Control Right in Perspective of Law and Economics

作　　者：曾洋[1] 

机构地区：[1]南京大学法学院

出　　处：《江海学刊》2013年第5期196-203,239,共8页Jianghai Academic Journal

基　　金：教育部"985工程"第三期项目"社会转型与法治发展研究"(项目号:010522613001);国家社科基金项目"证券内幕交易构成和证明的疑难法律问题研究"(项目号:13BFX105)的阶段性成果

摘　　要：作为现代公司制度演进的产物,公司控制权已经逐渐类型化为绝对控制权、相对控制权和实质上的控制权这三种相互联系又有所区别的权利。随着公司治理研究的重点逐步转向平衡控制股东与非控制股东之间的利益冲突,控制权私人利益受到了更多关注。控制权私人利益是控制性股东通过行使控制权而获得的中小股东不能分享的私人的利益,对控制权溢价的实证分析证明了控制权私人利益的客观存在和经济价值。控制权私人利益包括非正当性利益和部分正当所得,其中非正当性利益主要通过关联交易、自我交易、内幕交易、溢价出售等方式实现。对控制权私人利益的法律规制亟待完善。As the product of modern corporation system evolution,the corporate control right has gradually been categorized into three different but intertwining types of right: absolute control,relative control and working control. As the focus of corporate governance research is gradually turning to balancing the conflicts of benefit between the controlling shareholders and the non- controlling shareholders,the topic of private benefits of control has gained more and more attention. Private benefits of control means a controlling that shareholder can acquire private benefits through its control position,which the small or medium size shareholders do not possess. Empirical research on controlling right premium shows the objective existence and economic value of private benefits of control. Private benefits of control may include illegitimate interests and a portion of legitimate interests. The illegitimate interests can be achieved from related party trade,self- trading,insider trading, selling at premium,etc. Legal regulation of private benefits of control still needs to be immediately improved.

关 键 词：公司控制权 控制权私人利益 法律规制 

分 类 号：D912.29[政治法律—民商法学] F275[政治法律—经济法学]