Abstract: Under the condition of restricted shares’ selling. this paper builds double—temporal expropriation models under intertemporal investment and interests’ occupation. The proportion of cash flow, the proportion of restricted shares are selected as impact variable, to analyze their influences on the private benefits of controlling shareholder. Through the analysis, it is concluded that the private interest of control is negatively correlated with the above ratios. Moreover, future first-best expropriation; percentage of restricted shares’ selling is positive with current and future first-best expropriation; future rate of return of reducing shares is not relative with the future first-best expropriation level. The current first-best expropriation in double-temporal is lower than that in single expropriation. For the reason of controlling shareholder’s selling behavior, the future first-best expropriation in double-temporal is higher than that in single expropriation. The reduction and expropriation of controlling shareholder is a long and enduring process, and his aim is to maximize the ultimate private benefits of control. The paper provides theoretical support for the adjustment of controlling shareholder’s holding structure after the stock circulation reform, as well as the choice of investment decision.

Key words: management science, intertemporal investment, first-best expropriation level, private benefits of control

摘要： 以减持限售股份为前提条件,建立起两期间的控股股东跨期投资并进行利益侵占的理论模型。将现金流权比例、限售股减持比例等作为影响变量,分析其对控制权私利产生怎样的作用。通过分析得出产生的控制权私利分别与上述相关比例之间是呈负相关、正相关以及只与即期有关而与远期侵占无关的结论。同时,两期侵占模型中,控股股东的即期最佳水平与单期模型相比,有一定程度的降低。因为控股股东的减持以及侵占行为是长时间的,并且也是连续的,该行为是以获得最大收益为目的的。本文在理论分析的角度为我国资本市场的大股东持股结构改善以及投资决策选择给予支撑。

关键词: 管理科学, 跨期投资, 最优侵占水平, 控制权私利