作　　者： ; (黄健刚）;

机构地区： 中山大学管理学院

出　　处： 《税务与经济》 2014年第1期27-35,共9页

摘　　要： 通过运用案例研究方法分析上市公司亚星化学的管理层在改制过程中实行隐形MBO成为上市公司的实际控制人,以复杂的交叉持股和任职做掩护,运用关联交易、资金占用、担保和资产转移等手段掏空上市公司的典型案例,说明即使通过股权分置改革使上市公司实现了全流通,但是由于监管制度不完善,掏空行为仍然广泛存在,而且日趋隐蔽,危害更加严重。如何通过改善股权结构和公司治理结构,规范我国关联交易、担保等方面的法律法规,加强外部监督,从而有效地遏制掏空行为,保护中小股东的利益,成为亟需解决的问题。 A study is conducted to analyze the tunneling behavior of the management of Yaxing Chemical Co. , Ltd. during its transformation. The invisible MBO becomes the real controller of listed companies, and some means such as connected transaction, capital to take up, guarantee and asset transfer etc. are utilized to tunnel the listed companies covered by complicated intersect holdings and positions. This case reveals that the listed companies achieve a full circulation through the reform of non-tradable shares. However, due to the imperfect regulatory system, tunneling behavior is still prevailing and becoming more invisible, which could bring serious harm to the listed companies. Therefore, in order to curb ＇the tunneling behavior and protect the interests of mi- nority stockholders effectively, it is necessary to optimize the structure of shareholding and corporate governance. It is also essential to regulate the rules on connected transition and guarantee with strengthening external supervi- sion.

关 键 词： 管理层 关联交易 资金占用 掏空行为

领　　域： [经济管理—金融学]