具体我也不太了解,照我看到的关于“private benefit”的定义,“bennefits that accure to managers or controlling shareholders, but not to minority shareholders.” 如果做个类比的话,中小企业板、创业板上市的项目,不就恰好是“with higher private benefits but lower expected returns”嘛。“expected returns” 是指“minority shareholders”的。
不太懂,再多说怕误导你,仅供参考