山东上市公司内部资本市场对大股东占款影响的实证分析  

Empirical Analysis of the Influence of Internal Capital Market Among Listed Companies of Shandong Province on Big Shareholders' Money Occupation

作　　者：涂罡[1] 

机构地区：[1]山东财政学院,山东济南250014

出　　处：《山东财政学院学报》2007年第1期35-40,共6页Journal of Shandong Finance Institute

摘　　要：山东上市公司内部资本市场对大股东占款影响的实证分析文章以2000～2004年在沪深A股市场发行上市的山东公司为研究样本，考察了上市公司内部资本市场形成的原因及特征，并对内部资本市场影响大股东占款的因素进行了实证分析。结果表明在公司治理机制不健全的情况下，内部资本市场功能发生异化，隶属于企业集团的公司更易发生占款；多元化经营有助于大股东侵占上市公司资金；大股东占款金额与关联企业数呈正相关关系．Based on a sample of the listed companies of Shandong province on Shanghai - Shenzhen A Share Market, this paper has investigated into the causes for the formation of the internal capital market among the listed companies and their features, and has had an empirical analysis of the influential factors of the internal capital market on the capital occupation of big shareholders. The result of investigation and analysis indicates that： under the inadequate management mechanism of the listed companies, the function of the internal capital market dissimilates and the companies affiliated to enterprise groups tend more to occupy capital; diversified operation is helpful for big shareholders to seize and occupy the capital of the listed companies; the amount of capital the big shareholders occupy is positively correlated to the number of affiliated enterprises.

关 键 词：内部资本市场 大股东占款 关联交易 

分 类 号：F832.5[经济管理—金融学]