【作者】 吕长江； 肖成民；

【Author】 Changjiang Lu & Chengmin Xiao (School of Management, Fudan University, 200433) (Business School, Jilin University, 130012)

【机构】 复旦大学管理学院； 吉林大学商学院；

【摘要】 本文以少数所有权控制结构(controlling minority structure)形成的最终控制人所有权与控制权分离为研究对象,通过对LLSV模型的扩展,分析最终控制人在什么条件下会实施侵占少数股东利益的经济行为。模型分析结果显示,投资者法律保护程度、相对所有权和相对投资收益率是最终控制人实施利益侵占与否以及利益侵占程度的重要影响因素。本文模型的分析结论与已有公司治理经验研究的发现一致。更多还原

【Abstract】 This paper take the divergence of the ultimate controlling shareholder ownership produced by controlling minority structure and controlling right as research object, to study when will the ultimate controlling shareholder expropriates from minority shareholder by expanding LLSV model. Our results indicate that investor protection, relative ownership, and relative ROI are important influential factors of whether the ultimate controlling shareholder expropriate or expropriate much from minority shareholder. Our results are consistent with the outcomes of corporate governance empirical researches.更多还原