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控制权私人收益是衡量大股东侵害小股东利益的重要指标,也是研究投资者保护问题的重要概念。通过测度我国上市公司控制权私人收益水平,研究控制权私人收益的时期特征、地域特征和行业特征,本文发现:随着监管法律法规的完善、监管部门执法力度的加强,控制权私人收益逐年降低;经济发达地区的法治水平高于经济落后地区,控制权私人收益水平相对较低;控制权私人收益水平在各行业的分布存在一定的差异,这与行业竞争程度和资产固化程度有关。
The private benefit of control is an important indicator to measure the interests of minority shareholders against major shareholders and also an important concept to study the protection of investors. By measuring the level of private benefits of control of listed companies in China and studying the characteristics of periods, geographical features and industry characteristics of private benefits of control, this paper finds that with the improvement of regulatory laws and regulations, the law enforcement of regulatory authorities is strengthened and the private benefits of control are decreasing year by year . The level of the rule of law in economically developed regions is higher than that in economically backward regions, and the level of private benefits of control is relatively low. There is a certain difference in the distribution of private benefits of control in various industries, which is related to the degree of industrial competition and the degree of asset solidification.