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在公司创造财富的过程中,资源的合理配置具有重要的意义。合理的资源配置是公司实现价值最大化的基本法则。但在控股股东存在的公司中,资源配置可能转化为控股股东获取控制收益的一种比较隐蔽的手段,控股股东通过不同的资源配置行为,影响公司的价值,并造成对其他股东的利益剥夺。在我国资本市场上,存在大量的控股股东转移上市公司资源、占用公司资金等不良现象,本文从理论上对此做出了经济解释。本文认为,控股股东的资源支配行为是控股股东对公司控制的一种重要代理成本。
In the process of creating wealth, the rational allocation of resources is of great significance. Reasonable allocation of resources is the company to maximize the value of the basic law. However, among the controlling shareholders, the allocation of resources may be transformed into a relatively concealed method for controlling shareholders to gain control of their profits. Controlling shareholders may influence the value of the company through various resource allocation behaviors and deprive the interests of other shareholders. In our country's capital market, there are a lot of bad behaviors such as controlling shareholders transferring the resources of listed companies and taking up company's funds. This paper makes an economic explanation in theory. This paper argues that the controlling shareholder's resource domination is an important agency cost for the controlling shareholder to control the company.