机构地区: 中山大学管理学院
出 处: 《会计研究》 2007年第4期69-74,共6页
摘 要: 控股股东的“掏空”行为侵害了中小股东的利益,如何防范与治理控股股东的“掏空”行为已成为市场关注的重点。本文的研究表明,市场环境显著地影响了控股股东“掏空”的行为。换言之,地区间政府干预市场越少、金融市场越发达,该地区的上市公司越不会发生控股股东“掏空”行为,因而如何减少政府干预,促进金融市场的发展是政府在减少控股股东“掏空”行为应扮演的重要角色,同时,地方政府的财政赤字会直接或间接地驱动了控股股东“掏空”行为,制定监管政策在一定程度上能遏止“掏空”的行为。这说明,制度层面的约束和公共治理对公司层面的行为具有重要的影响。 This study shows that market environment has significantly affected the 'tunneling' behavior of the controlling shareholder.It's a key role of the government to reduce the controlling shareholder's 'tunneling' behavior that how to decrease the intervention of the government and promote the development of the financial market.Meanwhile,financial deficits of the local government can,directly or indirectly,drive the 'tunneling' behavior,and making regulatory policy can deter the 'tunneling' behavior of controlling shareholders.This shows that the constraints and public governance to the system level plays a significant role on the behavior of the corporate level.