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本文概述了公司大股东控制权私人收益理论的起源、发展和当代学者关于其收益理论的新观点。早期企业理论认为分散的股权结构导致企业经营权与所有权分离,高管人员掌握实际控制权而可以违背股东意志,获取私人收益。现代企业理论通过驳斥“剩余索取权”理论,提出控制权私人收益,即控股股东能够单独享有某些收益,该收益并不在所有股东之间按照出资比例分享,是通过对控制权的行使而占有的全部价值之和。此后,本文介绍了控制权收益理论的合理性受到当代学者理论支持,提出了“超控制权收益”概念。
This article outlines the origins and development of the private benefits theory of controlling shareholder of the company and the new ideas of contemporary scholars on its income theory. In the early stage of enterprise theory, the decentralized shareholding structure led to the separation of management rights and ownership of the enterprise. The senior executives, possessing the actual control power, could violate the shareholders’ will and obtain private benefits. By refuting the theory of “residual claims”, the modern enterprise theory proposes the private benefits of control, that is, the controlling shareholders can enjoy certain benefits separately. The benefits are not shared among all the shareholders according to the proportion of investment, and are obtained through the exercise of control And the total value of possession. Since then, this paper introduces the rationality of the theory of the return of control, which is supported by the contemporary scholarly theory and puts forward the concept of “super control power ”.