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控制权私利的隧道行为和隐蔽特征源于信息的不透明。本文首次系统地从信息透明度角度,研究信息透明度与控制权私利的关系。研究表明,法律制度与媒体信息披露能够显著抑制控制权私利,企业每股收益和两权分离度与控制权私利呈显著正相关关系,而总市值则呈显著负相关。这表明,控股股东实施两权分离或者向上市公司输送利润,其真实目的就是为了攫取控制权私利;而扩大企业规模,则能够显著抑制控股股东攫取私利。
Tunneling and covert characteristics of self-interest in control stem from the opaqueness of information. For the first time, this paper systematically studies the relationship between information transparency and private interests of control from the perspective of information transparency. The research shows that the legal system and media information disclosure can significantly inhibit the self-control of private interests, corporate earnings per share and the separation of ownership rights and private interests was a significant positive correlation, while the total market value was significantly negatively correlated. This shows that the controlling shareholder of the separation of ownership or the profit of listed companies to deliver profits, the real purpose is to gain control of private interests; and expand the size of the enterprise, it can significantly inhibit the controlling shareholders for personal gain.