论文部分内容阅读
自Johnson等(2000)对“利益输送(tunneling)”进行前瞻性的讨论以来,国内外都有大量文献对这一主题进行研究,黄志忠和薛云奎撰写的《股权结构和性质对大股东“掏空”的影响》(下称该文)一文即是一例,该文研究了股权比例和股东性质对大股东掏空上市公司策略的影响,研究发现:(1)控股股东持有的股份比例越高,侵占公司资源的可能性越低;(2)在大股东数量少、第一大股东持股比例较低的情况下,大股东可能会合谋侵占公司资源,导致上市公司资
Since Johnson et al. (2000) conducted a prospective discussion on “tunneling”, there are a large number of literatures at home and abroad to study this topic. Huang Zhizhong and Xue Yunkui wrote that “ownership structure and nature of major shareholders” The article “The Influence of Empty” (hereinafter referred to as the article) is an example. This paper studies the impact of the ownership ratio and shareholding structure on the strategy of large-scale shareholders’ hollowing out listed companies. The findings are as follows: (1) The proportion of shares held by controlling shareholders High, less likely to invade the company’s resources; (2) in the small number of major shareholders, the largest shareholder holding a lower proportion of cases, the major shareholders may conspire to encroach on company resources, leading to listed companies