作　　者： ;

机构地区： 暨南大学

出　　处： 《暨南学报：哲学社会科学版》 2009年第4期 93-104,共12页

摘　　要： 股份制改组中片面强调公有制主体地位以及股票发行制度的行政审批和额度控制，造成了我国上市公司大股东控制问题严重。特别是上市公司在控制权转移后，控股股东控制会采取一系列措施来侵占中小股东利益。研究控制权转移后控股股东与大股东利益侵占之间的关系，我们发现：（1）控制权转移后的董事变更比例、高级管理人员变更比例和控股股东在目标公司董事会中所占的席位比例与大股东利益侵占都显著正相关；（2）控制权转移后的第一大股东持股比例与大股东利益侵占呈明显的倒U型关系；（3）在公司终极控制人性质中，地方政府和家族企业控制与大股东利益侵占都显著正相关，而中央政府和其他性质企业控制与大股东利益侵占负相关，但不明显。这为我国今后的产权改革和投资者保护研究提供了很好的经验证据。 The specific emphasizing that owned by public system as dominant position inside the share system reshuffles and administration approve and limit control of stocks publishes institution,resulting in serious problem of listed-company control by controlling shareholder in our country.Especially behind listed-company control transfer,controlling shareholder adopts a series of measure to encroach small shareholder benefits.This thesis conducts research on the relationship between controlling shareholder and benefits expropriation by large shareholder after control transfers.We find that:(1) the ratio of takeover of directors,the ratio of takeover of top management and controlling shareholder control ratio have a positive relationship with benefits expropriation by large shareholder after control transfer;(2) the top shareholder holding ratio has a pour U type relationship with benefits expropriation by large shareholder obviously after control transfer;(3) In the ultimate control entity,the local government and family control firms have a positive relationship with benefits expropriation by large shareholder,and the central government and other control firms have a negative relationship with benefits expropriation by large shareholder related,but not obvious,which offers some good evidence for our country's property reforms and investor protect in the future.

关 键 词： 控制权转移 控股股东 高管变更 大股东利益侵占

分 类 号： [F421.3]

领　　域： []