Influencing Factors of the Private Benefits of Large Shareholders with Different Controlling Rights

doi:10.15936/j.cnki.1008-3758.2016.05.005

Journal of Northeastern University(Social Science) ›› 2016, Vol. 18 ›› Issue (5): 470-475.DOI: 10.15936/j.cnki.1008-3758.2016.05.005

• Economics and Management • Previous Articles Next Articles

Influencing Factors of the Private Benefits of Large Shareholders with Different Controlling Rights

WANG Shu-lin¹， BO Lan¹， YE Qiao-yi²

(1. Sun Wah International Business School， Liaoning University， Shenyang 110136， China; 2. John Molson School of Business， Concordia University， Montreal H3H 0A1， Canada)

Received:2015-12-03 Revised:2015-12-03 Online:2016-09-25 Published:2016-09-22
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Abstract

Abstract: Based on a sample of 215 Chinese state-owned listed companies that had controlling rights transferred either to private parties or other state-owned organizations from 1998 to 2014， the price premium of both types of buyers in controlling rights transfer was measured and compared， and the influencing factors of private benefits of controlling were analyzed and tested. It was found that the average private benefits of controlling in privatized companies are higher than those in state-owned restructured companies， and there exist differences between privatized companies and state-owned ones in the influencing factors and degrees for private benefits. The private benefits of controlling in state-owned restructured companies are positively related with ROE and liability/asset ratio， and negatively related with firm size. Furthermore， the private benefits of controlling of state-owned restructured companies in a more competitive industry are lower than those of other industries. On the other hand， the private benefits of controlling of privatized companies are negatively related with ROE and firm size.

Key words: controlling right, nature of lardge shareholder, private benefit

CLC Number:

F270

WANG Shu-lin， BO Lan， YE Qiao-yi. Influencing Factors of the Private Benefits of Large Shareholders with Different Controlling Rights[J]. Journal of Northeastern University(Social Science), 2016, 18(5): 470-475.

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Influencing Factors of the Private Benefits of Large Shareholders with Different Controlling Rights

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