中国民营上市公司控股股东与上市公司利益趋同性研究——来自股权分置改革前与全流通后的比较证据被引量：1

Research on the Convergence of Interest between Controlling Shareholders and Chinese Private Listed Companies—Comparative Evidence from Pre-reform of Non-tradable Shares and Post-full Circulation

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摘要文章以2009年底流通股比例达到100%且在2006年内完成股权分置改革的65家民营上市公司为样本,从控股股东控制权的角度,对比研究股权分置改革前和全流通后控股股东与民营上市公司的利益趋同性。研究发现,股权分置改革前控股股东与民营上市公司的利益存在"侵害——趋同——掘壕"关系,58.46%的样本公司进入利益趋同区间;全流通后,控股股东与民营上市公司的利益关系变为"趋同——掘壕",89.23%的样本公司进入趋同区间。研究结果表明,股权分置改革改善了民营上市公司治理环境,控股股东与民营上市公司的利益趋同性增强,上市公司绩效得到一定提高。但是全流通后,民营上市公司控股股东依然存在,控股股东与中小股东的利益冲突以新的方式出现,其对民营上市公司绩效的影响值得进一步的研究。 This paper takes 65 private listed companies which finished the reform of non-tradable shares in 2006 and achieved the full circulation before December 31,2009 as samples. From the perspective of the controlling shareholders control rights,a comparative study on the convergence of interest of the controlling shareholders and private listed companies between pre-reform of nontradable shares and after the full circulation. The study found that before the reform of non-tradable shares the interest relationship between controlling shareholders and the private listed companies was‘expropriation—convergence—entrenchment' and 58. 46% of the samples were in the interest convergence interval. However,the interest relationship turns to‘convergence—entrenchment' after the full circulation,and 89. 23% of the samples were in the interest convergence interval. The result shows that the reform of nontradable shares has improved the governance environment of the private listed companies,and enhanced the interest convergence between controlling shareholders and the private listed companies. The performance of the private listed companies has been improved to some extent. Whereas,after the full circulation,the controlling shareholders still exist and the interest conflict between the controlling shareholders and minority shareholders will appear in new ways. The effect of the new interest conflict on the performance of the private listed companies is worthy of further research.

作者顾玲艳

机构地区浙江工商大学财务与会计学院

出处《商业经济与管理》 CSSCI 北大核心 2015年第6期76-85,共10页 Journal of Business Economics

基金教育部人文社科规划基金项目"家族控制权配置选择对上市公司价值影响机理研究"(11YJA630171) 浙江省自然科学基金项目"家族企业关系型控制权配置内部代理冲突及治理效率研究"(LY13G020009)

关键词民营上市公司控股股东利益趋同性股权分置改革全流通 private listed companies controlling shareholders convergence of interest reform of non-tradable shares full circulation