引入小股东容忍水平,从小股东角度对大股东控制权私有收益进行划分,将控制权私有收益区分为合理控制权私有收益与超额控制权私有收益,对大股东侵害和控制权私有收益理论做出相应的调整,探讨了适度控制权私有收益的合理性,并结合模型对该思想进行验证.研究表明,一定的条件下,大股东会选择一个能使小股东保持沉默的水平来获取合理控制权私有收益,保持控制权私有收益的可持续性.合理控制权私有收益对大股东经营与管理公司具有正向激励作用,而超额控制权私有收益具有侵害性质,会使得大、小股东收益受损,同时公司价值下降
In this paper, we introduced some new conceptions like Tolerance Level of Small Shareholders, Reasonable Private Benefit of Control, Excessive Private Benefit of Control, and explained how to identify different kinds of benefits from small shareholders' perspective, then we introduced a new theoretical explanation to Private Benefit of Control. This explanation indicated that large shareholder would choose a reasonable private benefit of control level to keep his interests and to make small shareholders keep silence at the same time, in order to get long-term benefits. We argued that RPB acts as a positive stimulus in corporation management, and it will benefit all the shareholders. EPB has a negative effect in corporation management, corporation value and large shareholder's benefit would be damaged largely if large shareholders got EPB.