真实控制权、社会资本与上市公司终极股东剥夺行为研究

After the Asian financial crisis, the ultimate shareholder deprivation behavior becomes the core issues of corporate governance study. International scholars follow equity control chain of listed companies to search for ultimate shareholders and to analyze how its behavior to deprive shareholders' interests, which fixed "equity control analysis paradigm". In recent years, a number of scholars found that the ultimate shareholders get and mobilize resources from social networks. So, they start to analysis shareholders deprivation on this way, which has developed the social capital control analysis paradigm, to make up for the deficiencies of the traditional paradigm. The study found that the social capital control analysis paradigm is still an intermediate links in the chain of the problem, the ultimate shareholders deprivation finally achieve with the "real control right". Real control right makes us from a new height and depth to understand the original property of the corporate control right in the real world, more profoundly reveals the true identity of ultimate shareholder and its deprivation path, and thus more likely to make the research approach the essence of problem and become an important complement of corporate governance theory. Therefore, this study fully investigates the origin, nature, and evolution process of real control right, and reveals the intrinsic correlation between real control right, social capital and ultimate shareholder deprivation. It eventually builds a new analytical framework combining of equity capital control and social capital control.

亚洲金融危机之后，终极股东剥夺行为成为公司治理研究的核心问题。国际学界循着股权控制链顺藤摸瓜寻找终极股东进而分析其剥夺股东利益的行为，形成了较为固定的"股权控制分析范式"。近几年，一些学者从终极股东拥有并动员的社会网络连带资源入手分析股东剥夺行为，开拓出社会资本控制分析范式，有效地弥补了传统范式的不足。本研究发现，社会资本控制分析范式仍然是该问题研究链条的一个中间环节，终极股东剥夺行为得以最终实现的是我们提出的"真实控制权"。"真实控制权"范畴能够从一个新的高度和深度去理解企业控制权在真实世界中的本来属性，更为深刻地揭示终极股东的真实身份与剥夺路径，从而更可能使研究接近问题的终极，成为公司治理理论的重要补充。因此，本研究将全面探讨真实控制权的起源、本质及其演进，揭示真实控制权、社会资本与终极股东剥夺行为之间的内在关联性，最终构建起股权资本与社会资本控制相结合的真实控制权理论的分析框架。

亚洲金融危机之后，终极股东剥夺行为成为公司治理研究的核心问题。国际学界循着股权控制链顺藤摸瓜寻找终极股东进而分析其剥夺股东利益的行为，形成了较为固定的"股权控制分析范式"。近几年，一些学者从终极股东拥有并动员的社会网络连带资源入手分析股东剥夺行为，开拓出社会资本控制分析范式，有效地弥补了传统范式的不足。本研究发现，社会资本控制分析范式仍然是该问题研究链条的一个中间环节，终极股东剥夺行为得以最终实现的是我们提出的"真实控制权"。"真实控制权"范畴能够从一个新的高度和深度去理解企业控制权在真实世界中的本来属性，更为深刻地揭示终极股东的真实身份与剥夺路径，从而更可能使研究接近问题的终极，成为公司治理理论的重要补充。因此，本研究将全面探讨真实控制权的起源、本质及其演进，揭示真实控制权、社会资本与终极股东剥夺行为之间的内在关联性，最终构建起股权资本与社会资本控制相结合的真实控制权理论的分析框架。