The Private Benefits of Corporate Control:Evidence from China

作     者：XIAOJIN LIU TERENCE T.L.CHONG 

作者机构：the Department of EconomicsThe Chinese University of Hong Kong 

出 版 物：《Economic and Political Studies》 (经济与政治研究（英文版）)

年 卷 期：2014年第2卷第1期

页      面：44-64页

学科分类：0303[法学-社会学] 12[管理学] 120202[管理学-企业管理（含：财务管理、市场营销、人力资源管理）] 0302[法学-政治学] 1202[管理学-工商管理] 0201[经济学-理论经济学] 0701[理学-数学] 

主　　题：private benefits of control block share transfers Chinese stock market 

摘      要：By analyzing block share transfers in China during 1999-2006,this study provides estimates of the private benefits of corporate control in *** find that those controlling blocks are usually priced at a significant positive premium compared to those comparable non-controlling *** benefits of corporate control vary with shareholders structure,firm characteristics and institutional *** particular,targets with a high intangible asset ratio have less benefits of control,cross-listing in B or H shares curbs the extract of private benefits and companies acquired by private firms are associated with higher private ***,it is found that benefits of control are negatively associated with market economy and factor market development *** argue that firms with higher private benefits experience more tunneling activities by their controlling shareholders.