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Abstract This paper focuses on the benefits transfer in the course of private placement and assets-injecting. Whether the majority shareholders transfer benefits to the listed company or the versa? The paper analyses from two aspects. According to assets quality, the tests all show that the earnings are generally decreasing in the long run both by univariate analysis and synthetical analysis. This suggests that the quality of injected-assets is not good. According to value-added ratio, the result is generally above the average of the industry. The assessment method and majority shareholders’ background are the two important factors that influence abnormal value-added ratio. The board of auditors plays an important part in preventing majority shareholders from manipulating the results of assets assessment. Therefore, there really exist majority shareholders’ opportunistic behaviors, for accomplishing benefits export
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Received: 13 September 2011
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Corresponding Authors:
YAN Shu ji
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2012, Vol. 1 
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