A Study on the Expropriation Behavior of Controlling Shareholders of China’s Listed Companies

Abstract

传统的公司治理理论研究的是在贝利-米恩斯式的公司中解决股东与经理层之间的利益冲突,设计一种激励约束兼容的制衡机制使得经理层的行为符合公司及股东利益最大化的要求。但是20世纪80年代,学者们发现相对集中或高度集中的股权结构是许多国家上市公司的主要特征,公司治理的主要矛盾已经转变为控制性股东与中小股东之间的利益冲突。我国上市公司控制性股东通过控制股东大会及董事会进而侵害中小股东及上市公司利益的事例时有发生,并日益受到广泛的关注。因此,弄清控制权这一具有巨大价值的权力在公司治理中所起到的作用,设计一种制衡控制性股东利益的制度,与解决所有权与经营权的委托代理关系同等重要。这是完善公司治理,建立现代企业...The principal-agent relation between managements and shareholders used to be the focus of the study on corporate governance in those companies whose ownership were dispersive.However,the results of some newly research show that most listed companies’ ownership structures are relatively concentrative in many countries over the world, which results in interest conflict between the controlling shareh...学位:经济学硕士院系专业:经济学院经济系_经济思想史学号:1532006115078

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