股权分置改革前后上市公司利益输送行为研究  

Research in tunneling of listed companies before and after non-tradable share reform

作　　者：于静[1] 陈工孟[1] 孙彬[1] 

机构地区：[1]上海交通大学安泰经济与管理学院,上海200030

出　　处：《河北科技大学学报》2010年第3期282-286,共5页Journal of Hebei University of Science and Technology

基　　金：国家自然科学基金青年项目(70503015)

摘　　要：依据控股股东股权分置改革前后追逐目标的不同,分别建立了利益输送模型。虽然控股股东股改前以上市公司净资产最大化为目标,而股权分置改革后以市值最大化为目标,然而研究发现股权结构和治理结构对利益输送的影响方式没有变化,但是影响程度都有所增强。Based on different goals of controlling shareholders before and after non-tradable share reform, this paper constructs tunneling models separately. Controlling shareholders maximize net assets before non-tradable share reform, hut maximize market value of stocks after the reform. We find that the effect of share structure and governance structure on tunneling do not change in manner, but strengthen to some extent.

关 键 词：利益输送 股权分置改革 股权结构 治理结构 

分 类 号：F271[经济管理—企业管理]