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如何保护投资者利益免受侵害和提高资本市场效率是在转型经济背景下中国公司治理、产权制度以及金融市场改革过程中亟待解决的关键问题之一.然而,控制性股东主导的公司治理中,相对于“控制性股东监督效应”而言,“控制性股东侵占效应”是占优均衡.控制权私人收益的排他性使得侵占行为同时具有很强的负外部性.解决问题的关键在于通过动态配置决策权来建立有效的制衡机制优化公司治理机制以实现利益相关者间的互惠相容.
How to protect the interests of investors from infringement and improve capital market efficiency is one of the key issues to be solved urgently in the process of corporate governance, property rights and financial market reform in the context of the transitional economy.However, among the controlling shareholder-led corporate governance, In contrast to the “controlling shareholder’s supervisory effect,” the “controlling shareholder’s encroachment effect” is the dominant equilibrium. The exclusiveness of the private benefits of control makes the encroachment behavior also has a strong negative externality. Is to establish an effective mechanism of checks and balances through the dynamic allocation of decision-making power to optimize the corporate governance mechanism in order to achieve mutual benefits and mutual benefits.