The Private Benefits of Corporate Control Shared by the Controlling Shareholders and Its Measurement ——Examples of China's State-owned Share's Transfer

Based on the samples of state-owned-equity transferring transactions occurred in the first half of 2003, the paper analyses the private benefits of control rights shared by the controlling shareholder of publicly-listed companies. The empirical result shows that shareholders enjoy high private benefits of corporate control, reveals the fact that there is not enough protection for small and middle investors but high concentration of ownership in China.