An Empirical Study of Large Shareholder Infringe on the Interest of Minority Shareholder during Post-Share Reform Era

摘要

As China's share reform came into the "post-share reform era", has the situation of large shareholder infringe on the interest of minority shareholder changed? This paper analyzes the factors that affect large shareholder infringe on the interest of minority shareholder in post-share reform era, by selecting 85 bulk share transfer issues from year 2007 to 2010 as sample data with an empirical study method. The results show that: the private benefits of control of shareholder among China listed company is on a relatively high level; Large shareholders infringe on the interests of minority shareholders did not significantly improve, the proportion of transfer shares is positively related with private benefits of control, and debt ratio is negatively related with private benefits of control. All of these findings are important for further study.