摘要
屡见不鲜的大股东减持行为,已成为股权分置改革后影响中国资本市场稳定发展的重要因素。文章利用2011-2018年间1743家A股上市公司的3330个大股东减持事件样本,实证检验了公司治理结构、债务期限与大股东减持规模之间的关系。研究发现:大股东减持规模与股权集中度和高管持股比例显著负相关;与董事会规模正相关、与独立董事比例负相关,但两者均未表现出显著相关性;短期债务占比越大,债务期限越短,大股东减持规模越小。在此基础上,结合公司治理结构和债务期限视角,就如何规范大股东减持行为以及保护中小股东和债权人利益提出相关对策建议。
The reduction of shareholdings by controlling shareholders has become a main influencing factor affecting the stable development of China capital market after the share splitting reform.This paper empirically examines the relationship among corporate governancestructure,debt maturity and reduction of shareholdings of major shareholders by using a sample of 3,330 cases of major shareholder reduction from 1,743 A-share listed companies in 2011-2018.According to the result,the scale of shareholding reduction of major shareholders can have a significant negative impact on the concentration of ownership and the proportion of managerial shareholders.What’s more,the study finds that the scale of shareholding reduction of major shareholders is positively correlated with the size of the board of directors and negatively correlated with the proportion of independent directors.But neither of them shows significant correlation.In addition,there is a negative correlation between short-term debt ratio and shareholder reduction scale.The higher the current debt ratio means the shorter repayment period,which leads to the smaller size of the major shareholders reduction.On the basis of above conclusions,this paper puts forward the relevant countermeasures and suggestions on how to regulate the shareholders’reduction behavior and to protect the interest of small and medium-sized shareholders and creditors from the perspective of corporate governance structure and debt maturity.
作者
赖丹
蔡晓凤
罗翔
LAI Dan;CAI Xiao-feng;LUO Xiang(School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,China;Nonferrous Metals Industry Development Research Institute,Jiangxi University of Science and Technology,Ganzhou 341000,China)
出处
《华东经济管理》
CSSCI
北大核心
2019年第12期129-135,共7页
East China Economic Management
基金
国家自然科学基金项目“股票市场开放与公司信息环境:基于互联互通机制分步实施的准自然实验”(71872198)、“地域偏爱、政治权力距离与公司财务行为”(71572209)
关键词
公司治理
债务期限
大股东减持
corporate governance
debt maturity
major shareholder reduction
