控制权转移中大股东持股比例与利益侵占.docVIP

控制权转移中大股东持股比例与利益侵占 控制权转移中大股东持股比例与利益侵占1 陈文婷1 观富钦1 李善民1 (1.中山大学 管理学院 广州 510275） 摘要：在控制权转移中，大股东面临着重新选择持股比例和利益侵占的机会，出于自身利益最大化的考虑，大股东在不同持股比例下如何调整利益侵占行为，是我国资本市场投资者保护的重要课题。本文通过建立控制权转移中大股东的利益函数，得出以下推论：（1）控制权转移后，对于经营绩效低下的公司，大股东的持股比例与其利益侵占行为呈倒U型的关系；（2）控制权转移以后，对于经营绩效改善的公司，大股东的持股比例与其利益侵占行为呈倒N型的关系。最后，本文选取2001—2007年通过股权协议转让的方式发生控制权转移的上市公司作为检验样本，通过单变量分析和多元回归分析的方法进行了实证研究，分析结果较好地支持了上述推论。 关键词：控制权转移；持股比例；利益侵占 JEL分类号：G34 The Shareholding Ratio and Benefits Expropriation of the Large Shareholder: Based on the Perspective of Control Right Transfer Abstract：When the control right has transferred, the large shareholder can re-select the shareholding ratio and the extent to seize the benefits. Obviously, base on the principle of maximizing their own interests, how high is the proportion of the share and how to seize the benefits will be more carefully considered by the controlling shareholder. This paper establishes the function of the large shareholder in the background of control transfer. And then we get the assumptions by derivation of the theory model: (1) After the transfer of the control right, the relationship between the proportion and benefits expropriation of large shareholder in poor performance companies will be inverse U-type. (2) After the transfer of the control right, the relationship between the proportion and benefits expropriation of large shareholder in good performance companies will be inverse N-type. In the last this paper makes an empirical study by univariate analysis and multiple regression analysis based on the data of listed company in 2001~2007, whose control rights have transferred through the equity transfer agreement. And the empirical analysis partly supports the conclusions above. Key Words: Control Right Transfer, Shareholding Ratio, Benefits Expropriation JEL Classification：G34 控制权转移中大股东持股比例与利益侵占 摘要：在控制权转移中，大股东面临着重新选择持股比例和利益侵占的机会，出于自身利益最大化的考虑，大股东在不同持股比例下如何调整利益侵占行为，是我国资本市场投资者保护的重要课题。本文通过建立控制权转移中大股东的利益函数，得出以下推论：（1）控制权转移后，对于经营绩效低下的公司，大股东的持股比例