关联交易与控股股东侵占行为研究

【作者】 贺曦；

【导师】 饶育蕾；

【作者基本信息】 中南大学 ， 企业管理， 2006， 硕士

【摘要】 控股股东在与公司进行关联交易的时候，常常会利用其优势地位谋取个体利益而损害中小股东的利益，因而如何在这种关联交易中保护好中小股东的合法利益，就成为了当前证券市场上的热点问题。本文首先对控股股东通过关联交易侵占中小投资者利益的行为进行了理论分析，接着分析了我国上市公司关联交易发生的制度背景和现状，然后通过实证研究考察了2000-2004年我国A股上市公司与其控股股东之间发生的575笔重大关联交易。从市场反映角度对上市公司重大关联交易行为的财富效应进行了实证检验和多元线形回归检验。同时，我们以“春兰股份”为例，从控股股东同上市公司之间进行的出售资产、资金占用和转让股权方面分析了控股股东侵占中小股东的具体行为，并透析了控股股东侵占中小股东现象的本质。最后根据我国关联交易侵占行为的实际现状和实证结果提出了相应的政策建议。本文的研究结论是：关联交易是控股股东侵占中小股东利益的一种重要方式，上市公司与控股股东之间发生的购买资产、转让资产、收购股权、接受现金和提供现金等五类关联交易更容易导致侵占中小股东利益。这种利益侵占行为与控股股东的持股比例之间存在着显著的倒“U”型关系，这与壕沟防御效应和利益趋同效应是一致的。研究还发现我国的独立董事在关联交易决策方面没有起到了应有的监督作用；在董事长和总经理两职合一的情况下，控股股东更容易利用关联交易侵占中小股东利益；我国注册会计师制度在一定程度上可以遏制控股股东通过关联交易对中小股东进行侵占。更多还原

【Abstract】 When controlling shareholders carry on the connection transaction withthe company, they can frequently seek the individual benefit by harming theminority shareholder’s benefits through its superiority status, thus how toprotect minority shareholder’s benefits in connection transaction has become ahot topic in the current stock market.First, the paper analyzes the theories about the controlling shareholdersexpropriating minority shareholders through the connection transaction, thenanalyzes system background and the present situation of connected transactionin our country, last carries on empirical analyses about the connectiontransaction between listed companies and its the controlling shareholders. Thispaper examines a sample of 575 filings of connected transactions betweenlisted companies and their controlling shareholders during 2000-2004 inChina. At the same time, we take "Chunlan" as the example, analyzingconcrete expropriating behavior of asset sales, cash payments and equity salesbetween listed companies and its the controlling shareholders, and dialyseessence of phenomenon. Finally, according to the present situation andempirical result of connected transaction, the paper suggests several measuresto stop expropriating from related party transaction.The overall conclusion that this paper draws is as follows: connectiontransaction is one important way which controlling shareholder expropriate minority shareholders, and five kinds of connected transactions includingasset acquisitions, asset sales, equity acquisitions, cash payments and cashreceipts are easier to expropriate minority shareholders. Moreover,expropriation is significant "∩-style" related with shareholding percentage ofcontrolling shareholder, Independent directors have not obvious functions inreducing connected transaction made by controlling shareholder. Whencorporate’s chairman of the board and chief executive are the same person,controlling shareholders are much easier to expropriate minority shareholders.And the CPA system can curb the largest controlling shareholder in fundimpropriation.更多还原