依据控股股东股权分置改革前后追逐目标的不同,分别建立了利益输送模型。虽然控股股东股改前以上市公司净资产最大化为目标,而股权分置改革后以市值最大化为目标,然而研究发现股权结构和治理结构对利益输送的影响方式没有变化,但是影响程度都有所增强。
Based on different goals of controlling shareholders before and after non-tradable share reform, this paper constructs tunneling models separately. Controlling shareholders maximize net assets before non-tradable share reform, hut maximize market value of stocks after the reform. We find that the effect of share structure and governance structure on tunneling do not change in manner, but strengthen to some extent.