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本文以2003～2008年间发生大宗股权交易的非流通股协议转让事件124起作为样本,就我国上市公司两权分离度等因素对控制权私有收益获取的影响进行了研究。得出了现金流权与控制权私有收益成负相关关系;两权分离度越高控制权私有收益也越高,终极控制权对私有收益的影响并不显著的结论。丰富了我国控制权私有收益影响因素的理论研究,为今后的深入研究提供了借鉴。
In this paper, 124 cases of non-negotiable shares transfer from 2003 to 2008 were selected as a sample to study the impact of the separation of ownership of listed companies on the acquisition of private benefits of control. It is concluded that the cash flow right is negatively related to the private gain of control. The higher the degree of separation of ownership is, the higher the private gain of control is, and the effect of ultimate control on private return is not significant. It enriches the theoretical research on the influence factors of the private benefits of control in our country and provides references for further research in the future.