Study On Large Shareholders' Benefits Of Control Of China's Listed Companies

In recent years, Benefits of large shareholder control has been an important issue in the field of corporate governance. By research to benefits control, we may understand the factors which can impact the benefits control; it is of great theoretic and practical significance to inhibit the benefits control.Above all, the paper explores the theoretic bases of correlation theory after reviewing and analyzing paper on benefits control. Then, by research motivation and means of large shareholder, game between large and small shareholders, consider that legal, information disclosure; monitoring and reputation can inhibit the behavior of large shareholders. Last but not least, to better understand the degree of benefits control and impact factors, the samples China's listed companies from 2005 to 2009 is selected, concerning samples the transaction of shareholders have occurred in the stock markets of Shanghai and Shenzhen.Conclusion and creativities:(1) When calculating the level of control benefits, the paper improves the BH model. We analyze the different of control premium between non-tradable shares and tradable shares at the first time. We found that the non-tradable shares average degree of control premium is 25.7%, tradable shares is10.97%, and ST Company is 35.26%. It is show that the corporate which is poor performance has high control premium; Non-tradable shares are higher premium than tradable shares. (2) To further research the impact of factors that control premium, we conduct the multi-variable linear regression analysis joined environment indicator, and find legal system and the quality of information disclosure also goes inversely with control premium; the results also confirm the validity of some of the factor in our theoretical part.