Misjudgment of Controlling Shareholder: Lessons from Financial Distress

控制股東之失算：財務危機之教訓

葉銀華(Yin-Hua Yeh) ； 楊雅薇(Ya-Wei Yang) ； 徐玉玲(Yuh-Ling Hsu)

《輔仁管理評論》 21卷2期 (2014/06) Pp. 1-11

摘要

我們提出一個模型來解釋控制股東財富侵占與公司財務危機之間的關係。在股權集中的環境之下，控制股東可能有誘因來剝削小股東財富。在考慮到預期侵占成本的情形下，控制股東並不願意故意使公司陷入財務危機。我們的模型指出，控制股東在忽略侵占對公司獲利力造成的影響之下，可能會高估自己財富侵占的最適量，因而不小心使公司面臨財務危機。

關鍵字

控制股東 ； 財務危機 ； 財富侵占

並列摘要

We present a model to explain the relationship between wealth expropriation by the controlling shareholder and the probability for a company falling into financial distress. Under a concentrated ownership environment, controlling shareholders may have motivations to expropriate wealth from the minority shareholders. Owing to the expected rents from expropriation, they are unwilling to purposely drive the company into financial distress. According to our model, without considering the influence of the amount of expropriation on the profitability of a firm, a controlling shareholder may overestimate his/her optimal amount of embezzlement and unintentionally drive the firm into financial distress.

並列關鍵字

Controlling shareholder ； Financial distress ； Wealth expropriation

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