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試談大股東控制、私有收益與公司績效-資料下載頁

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【正文】 al Control of Voting Rights: Financing Policies and the Marketfor Corporate Control[J]. Journal of Financial Economics , 1988,20:2554.[3] Bolton, Patrick, and ErnstLudwig von Thadden. Blocks, Liquidity, and Corporate Control [J].Journal of Finance,1998,53: 125.[4] Shleifer, A., and R. W. Vishny. A Survey of Corporate Governance[]J. Journal of Finance , 1997,52: 73783.[5] Holderness, Clifford G., and Dennis P. Sheehan. The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis[J].Journal of Financial Economics,1988,20: 31746.[6] Demsetz, Harold amp。 Kenneth Lehn. The Structure of Corporate Ownership: Causes and Consequences[J].Journal of Political Economy,1985,93:11551177.[7] Morck, Randall, Andrei Shleifer, and Robert W. Vishny. Management Ownership and Market Valuation: An Empirical Analysis[J].Journal of Financial Economics,1988,20:293315.[8] Claessens, S., S. Djankov, J. Fan, and L. Lang. Disentangling the incentive and entrenchment effects of large shareholdings[J].Journal of Finance, 2002,57:27412771.[9] Xu ,X. and . Ownership Structure and Corporate Governance in Chinese Stock Companies[J].China Economic Review,1999, 10 :7598.[10] 孫永祥,[J].經(jīng)濟研究,1999,12:2330[11] 白重恩,劉俏,陸洲,宋敏,[J].經(jīng)濟研究,2005,(2):8189.[12] 陳小悅,企業(yè)績效與投資者利益保護[J].經(jīng)濟研究, 2001,(11):311.[13] 朱武祥,———對家電行業(yè)上市公司的實證分析[J].經(jīng)濟研究, 2001,(12):6672.[14] 徐莉萍,辛宇,[J].經(jīng)濟研究,2006,(1):90100.[15] 劉芍佳,孫霈,股權(quán)結(jié)構(gòu)及公司績效[J].經(jīng)濟研究, 2003,(4):5162.[16] Grossman, S., and O. Hart. One shareone vote and the market for corporate control[J]. Journal of Financial Economics,1988,20:175202.[17] Johnson, Simon, Rafael La Porta, Florencio LopezdeSalines, and Andrei Shleifer. Tunneling[J]. American Economic Review, 2000,90:2227.[18] Ehrhardt Olaf and Eric Nowak. Private Benefits and Minority Shareholder ,working paper June.[19] 劉峰,賀建剛,魏明海. 控制權(quán),業(yè)績與利益輸送——基于五糧液的案例研究[J].管理世界,2004,(8):4553.[20] 劉峰,[J].中國會計評,2004,(2):5664.[21] 李春玲, [J].財經(jīng)問題研究, 2004,(4):8692.[22] 李增泉,孫錚,王志偉. “掏空”與所有權(quán)安排——來自我國上市公司大股東資金占用的經(jīng)驗證據(jù)[J]. 2004:313.[23] 曾昭灶,余鵬翼. ,(3):6571.[24] 李善民,王德友,朱滔. 控制權(quán)和現(xiàn)金流權(quán)的分離與上市公司績效[J].中山大學(xué)學(xué)報(社會科學(xué)版), 2006,(6):8391.Large Shareholder, Private Benefits and Firm Performance ZENG Zhaozao, YU Pengyi(School of Management, GuangDong University of Foreign Stusies, GuangZhou, 510420, China)Abstract: The relationship of ownership structure and firm performance is always the focus of researchers, we believe that the relationship is activated by some mechanisms or factors intermediate, so we introduce the private benefits of corporate control in this study. This study made empirical research on the ownership structure, private benefits and firm performance of Chinese listed panies. The results show that in Chinese stock market, most listed panies are controlled by large shareholders and the controlling shareholders always seized private benefits form listed panies at the cost of listed panies’ performance.Keywords: ownership structure。 private benefits。 firm performance12 / 12
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