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控制权结构对企业投资行为的影响作为治理结构影响财务决策的重要方面,随着治理机制中不同利益主体代理冲突的演化而被不断赋予新的研究内涵。基于股权分散和集中两种公司治理模式,本文首先在理论上阐释了企业实际控制人通过资本投资攫取控制权私利的实质;然后,从实际控制人利益动机、控制权结构和资本投向三个方面系统评述了资本投资的控制权私利攫取机制和特征;在此基础上,结合我国上市公司的股权设置特征和控制权配置格局,探析了不同类型的控股股东通过资本投资攫取控制权私利的动机、能力和实现条件;最后,从资本投向之间的挤占、资本投资的结构异化和控制权结构的设置等方面指出了未来该领域的研究趋势及其对我国上市公司的启示。
The influence of control structure on the investment behavior of enterprises As an important aspect of governance structure affecting financial decision-making, new research contents are constantly given new connotation with the evolution of conflict among different stakeholders in governance mechanism. Based on the two models of corporate governance such as decentralization and concentration of ownership, this paper firstly expounds in theory the essence of the actual controller acquiring the private interests of control through capital investment. Then, from the perspectives of the actual controller’s interest motivation, control structure and capital investment Systemically reviews the mechanism and characteristics of self-interest control of capital investment. On the basis of this, it analyzes the motivation of different types of controlling shareholders to seize the private benefits of control through the capital investment, combining with the characteristics of the equity ownership and the allocation of control rights in China’s listed companies, Ability and condition of its realization. Finally, it points out the research trend in this field in the future and its enlightenment to the listed companies in our country from the aspects of the diversion of capital investment, the structural alienation of capital investment and the structure of control right.