A Governance Risk Study on the Controlling Shareholder--From the Evidence of China's Listed Companies

摘要

In this paper we empirically studied the issue of the governance risk of the controlling shareholder of listed companies in China, analyzed the dominant influencing factors of corporate governance risk of controlling shareholders from the organizational level, built an early-warning model and carried on the validity test of the effectiveness of the model by using quality evaluation index for corporate governance. The research shows that the controlling shareholder needs to balance the amount of private excess revenue in the options of risk behaviors available and only if the expected excess benefits exceed a certain threshold will governance risks of the controlling shareholders possibly occur. External governance mechanisms such as the legal system environment, the credibility of the institutional environment have an important impact on the governance risk inhibition of controlling shareholders, while internal governance mechanisms such as the mechanism of the shareholder meeting, the board of directors and the board of supervisors have a relatively weakened influence upon that inhibition in terms of governance risks of the controlling shareholder.