Abstract The author measures the private benefits of controllers by using different calculating formulas for the negotiating transfer in different pricing, divides actual controllers into state-control and non-state-control ones and analyzes the control right transfer events from 2003 to 2008. The result shows that the private benefits of controllers in listed companies are at a high level but is lowered after the split share reform|The private benefits of controllers in government-controlled companies is less than the private benefits of controllers in non- government-controlled companies|the better the governance environment, the lower the private benefits of controller
2011, Vol. 28 
