公司法调整下控制权私利驱动的资本配置行为分析-analysis of capital allocation behavior driven by private interests of control rights under the adjustment of company law.docx

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2018-06-04 发布于上海
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公司法调整下控制权私利驱动的资本配置行为分析-analysis of capital allocation behavior driven by private interests of control rights under the adjustment of company law.docx

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公司法调整下控制权私利驱动的资本配置行为分析-analysis of capital allocation behavior driven by private interests of control rights under the adjustment of company law

AbstractInthepasttwodecades,theagencyproblembetweencontrollingshareholdersandminorityshareholdershasbecomethe coreissue ofcorporategovernance.As thelargestshareholdercontroloverthestatusofoccupationoutsideshareholdersintensified,thenegativeimpactoflargeshareholdergovernancehasarousedmoreandmoreconcern.Theconceptof“privatebenefitsofcontrol”,marksthelargestshareholderresearchacomprehensiveandin-depth.Corporatecapitalallocationactsasanimportantaspectofcorporategovernance,corporatedecision-makingfromtheprivatebenefitsofcontrolperspective,withtheevolutionofagencyconflictsisconstantlygivennewconnotations.Thelegalenvironmentimpactsandmitigationoftheroleoftheagencyconflictcontrollingshareholderself-interestmotivesarethenewhotspotoftherecentWesternscholars,butthedomesticfreshlegalenvironmentfactorsonthebehaviorofprivatebenefitsofcontrol,whichistheentrypointofthisstudy.Fullylearn the latestresearch results ofthe corporategovernancetheoryand corporatefinancetheory,relyingontheuniqueownershipoflistedcompaniesinChinainstitutionalarrangementsandthestatusofthecontrolstructure,theCompanyLawtoadjusttheentrypoint,in-depthtoexplorethelargestshareholderintheprivatebenefitsofcontroltheallocationofcapital,drivenbybehavioralcharacteristics.Onthisbasis,bytherevelationoftheLLSV“LawandFinance”,introducedlegal and environmentalfactorsintotheanalysisoftheprivatebenefitsofcontrolbehavior,andcapitalallocationbehavioroftheprivatebenefitsofcontrol-drivendesignofalegalenvironmentfromtheexternaltointernalcorporategovernancetheuniqueframeworkofthemulti-factorsresearch,theprivatebenefitsofcontrolhasacertainsignificance.Relatedstudiesdidnotexaminetheinfluenceandroleoflegalfactorsonthebehaviorofprivatebenefitsofcontrol,andadjustmentoftheCompanyLawin2006andtheSecuritiesLawsignifiesthatChinaslegalenvironmentinthedynamiceffortstowardssmallandmediuminvestorprotection.Sothispaperinthelegalenvironmentonthebehaviorofprivatebenefitsofcontrol,andimprovethecorporategovernancemechanism,enhancetheefficiencyofcapita