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中文摘要：
控制权结构对企业投资行为的影响作为治理结构影响财务决策的重要方面,随着治理机制中不同利益主体代理冲突的演化而被不断赋予新的研究内涵。基于股权分散和集中两种公司治理模式,本文首先在理论上阐释了企业实际控制人通过资本投资攫取控制权私利的实质;然后,从实际控制人利益动机、控制权结构和资本投向三个方面系统评述了资本投资的控制权私利攫取机制和特征;在此基础上,结合我国上市公司的股权设置特征和控制权配置格局,探析了不同类型的控股股东通过资本投资攫取控制权私利的动机、能力和实现条件;最后,从资本投向之间的挤占、资本投资的结构异化和控制权结构的设置等方面指出了未来该领域的研究趋势及其对我国上市公司的启示。
英文摘要：
As an important aspect of governance structure impact on finance decision-making,the impaction of control right structure on corporation investment behavior is continuously endowed with new connotation along with the evolvement of agent confliction in different governance behalf.Based on the two typical corporation governance modes,this paper firstly explains the substance that the controlled shareholders snatch the private benefit of control（PBC） through capital investment in theoretic.Then the character and mechanism through capital investment snatching the private benefit of control are reviewed with benefit motive,control right structure and capital collocation.After those reviews,this paper discusses the motive,ability and qualification with snatching the private benefit of control through capital investment under the equity setting and control right character of China＇s listed companies.At last,the future study trend and the illumination in this field are indicated with the capital investment extrusion,the dissimilation of capital investment structure and the control right setting.
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