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基于我国上市公司的所有权控制背景,本文实证考察了不同控制特征下资本投资规模对控制权收益形成的影响。研究结果发现:央企所辖上市公司通过资本投资攫取控制权收益的程度显著低于地方所辖的上市公司;民营上市公司的投资规模对控制权收益的影响程度高于中央企业集团控制的上市公司,低于地方企业集团和国资委控制的上市公司;地方企业集团所控上市公司的资本投资行为不仅挤占了中小投资者的共享利益,而且损害了企业价值。
Based on the background of ownership control of listed companies in our country, this paper empirically examines the impact of the scale of capital investment on the formation of control returns under different control features. The result shows that the degree of gain of control right obtained by listed companies under the central government controlled by capital investment is significantly lower than that of local listed companies. The influence of the scale of investment of private listed companies on the return of control is higher than that of the listed companies controlled by Central Enterprise Group , Lower than the listed companies controlled by local enterprise groups and SASACs; the capital investment behavior of listed companies controlled by local enterprise groups not only squeezed the shared interests of small and medium-sized investors, but also damaged the corporate value.