境外股东持股对大股东利益侵占约束的研究——基于中国上市公司的经验证据 |
投稿时间:2014-02-18 修订日期:2014-02-18 点此下载全文 |
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作者 | 单位 | 地址 | 黄文青* | 暨南大学 | 广东省广州市黄埔大道西601号暨南大学金融研究所 |
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基金项目:国家社科基金重点项目(11AJY013)、广东省教育厅人文社科重大攻关项目(11ZGXM79004)、广东省社科基金项目(GD11CYJ16) |
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中文摘要:以2006-2011年沪深两市上市公司为研究对象,研究不同类型的外资持股对我国上市公司大股东侵占的约束作用。结果表明,外资持股未能有效制约大股东侵占行为,不同性质的境外投资者对抑制大股东侵占的作用存在差异。QFII能够一定程度上抑制大股东对小股东利益的侵占,而银行、保险和证券公司持股均不能对上市公司大股东侵占形成有效监督和制约,其不仅未减轻大股东对小股东的利益侵占,反而加重了上市公司大股东和中小股东的利益冲突。 |
中文关键词:外资持股 境外投资者 大股东侵占 公司治理 |
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Research on the Constraints of Foreign Shareholders on the Large Shareholder Expropriation--Empirical Evidence Based on the Empirical Study of the Chinese Listed Companies |
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Abstract:Based on the data of listed companies through 2006-2011 of Shanghai and Shenzhen Stock markets, this study empirically examines the restriction effect on the controlling shareholders of listing corporation in China by different types of foreign shareholders. We find that the foreign shareholders on the whole can not effectively restrain the expropriation of large shareholders, and different types of foreign shareholders have significantly different effects on the restriction of expropriation of controlling shareholders. QFII can inhibit the expropriation of controlling shareholders to some extent, while shareholders of foreign banks, insurance companies and securities companies have no significant influence on the expropriation of controlling shareholders, which can not supervise and restrict the controlling shareholders of the listing companies, sometimes even exacerbate the conflicts between the controlling shareholders and the miner shareholders of the listed companies. The constraint effect of foreign shareholders in the private enterprises is better than that in state owned enterprises. |
keywords:Foreign Shareholders Foreign Investors Expropriation of Controlling Shareholders Corporate Governance |
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