控制权转移、股权制衡与大股东利益侵占──来自上市公司高管变更的经验证据  

Control Transfer,Outsider Blockholders and Benefits Expropriation by Large-shareholder:Evidence from the Top Management Turnover

作　　者：石水平[1] 

机构地区：[1]暨南大学管理学院

出　　处：《中大管理研究》2009年第4期50-70,共21页China Management Studies

基　　金：国家自然科学基金项目<我国家族企业信息传递机制研究>(批准号:70572064);教育部人文社会科学研究项目<财权;财务制度与〈新企业财务通则〉实施--基于中央国有企业的问卷调查>(批准号:08JA630030);广东省高等学校人文社会科学重点研究基地重大研究项目<企业价值创造动因及其持续性评估体系研究>(批准号:04JDXM63006);国务院侨办青年课题<我国新创侨资企业持续成长与侨务政策研究--基于社会资本融合的分析>(批准号:GQBQ2009031)的阶段性研究成果

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。本文研究了控制权转移后股权制衡与大股东利益侵占之间的关系,这将为我国今后的产权改革和投资者保护研究提供很好的经验证据。本文研究发现:(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)控制权转移后的第二至五大股东持股比例与大股东利益侵占呈明显的U型关系;(3)在股权制衡中,第二至五大股东持股比例与第一大股东持股比例之比与大股东利益侵占都显著负相关。The unilateral emphasizing that owned by public system corpus position inside the share system reshuffles and administration approve and limit control of stocks publishes institution, which resulting 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 expropriate small shareholder benefits. This thesis research the relationship between controlling shareholder and benefits expropriation by large shareholder after control transfers, which offering some good evidence for our country＇s property reforms and investor protect in the future. We find that： （1） the turnover of director ratio, top management turnover ratio and controlling shareholder control ratio has a positive relationship with benefits expropriation by large shareholder after control transfer; （2） the second to fifth-large shareholder holding ratio has an obvious U type relationship with benefits expropriation by large shareholder obviously after control transfer; （3） in the outsider blockholders, the ratio of the second to fifth-large shareholder holding ratio to the first-large shareholder holding ratio have a negative relationship with benefits expropriation by large shareholder related.

关 键 词：控制权转移 股权制衡 高管变更 大股东利益侵占 

分 类 号：F271[经济管理—企业管理] F276.6[经济管理—国民经济]