摘要
整体上市作为未来几年内国有企业改革的主要方向,在理论界和实务界引起关注①。但目前关于整体上市对中小投资者利益影响的实证研究非常缺乏。文章对我国整体上市企业是否可以减轻大股东对小股东侵占问题进行了实证研究。研究表明:整体上市能在一定程度上减轻大股东对小股东的利益侵占;整体上市的企业,随着流通比率的提高,大股东对小股东的利益侵占程度减少,而分拆上市的企业却没有这个现象;当控股股东是国家时,大股东对小股东的侵占程度更高,但整体上市时,国有股权对上市公司的掠夺会减轻。文章为我国整体上市治理和资本市场改善提供参考。
As the main direction of State-owned enterprise reform within the next few years,holistis listing has caused a lively discussion in both theory and practice.However,the discussions about the impact on the interests of small investor results from the holistic listing are very few.This paper uses the experience of Shanghai and Shenzhen stock data form 2008-2009,the empirical research was designed to proof the major shareholder of foreign encroachment on the interests of small shareholders in listed companies.The main conclusions are：Firstly the overall market can reduce the occupation to the benefits of small shareholders by the major shareholders.Secondly in the overall listed companies,the major shareholder of the occupation degree of the interests of minority shareholders reduced with the rate of increase in circulation,while it doesn＇t in the spin-off companies.Thirdly the majority shareholder tends to a higher degree of occupation of the small shareholders when the controlling shareholder is the country.But in the overall market,this phenomenon will be reduced.The article for our overall public governance and capital markets improve reference.
出处
《工业技术经济》
CSSCI
2011年第7期138-146,共9页
Journal of Industrial Technological Economics
基金
国家社科基金项目的预研课题"基于行为公司金融的我国企业集团内部资本市场效应的研究"(项目编号:9214000507)
关键词
整体上市
利益侵占
大股东
holistic listing
interest expropriation
large shareholder
