摘要
近年来,相关研究表明,除了股权结构外,社会资本同样也是影响控股股东利益侵占的重要因素。本文在现有研究的基础上构建了股权结构、社会资本控制与控股股东利益侵占的理论模型,并通过2007-2012年388家中国家族上市公司的经验数据检验了股权结构、社会资本控制对控股股东利益侵占的影响。实证结果表明:中国家族上市公司的股权结构主要表现出利益协同效应,控股股东的社会资本控制对这种利益协同效应产生负面影响,社会资本控制强化了控股股东的利益侵占倾向,会导致更为严重的控股股东利益侵占问题。
In recent years,related studies have shown that,in addition to equity structure,social capital is also an important factor that influences the interest embezzlement of controlling shareholders. On the basis of existing research,this paper builds up a theoretical model on the equity structure,social capital control and the interest embezzlement of controlling shareholders. Using the empirical data on 388 listed family companies in China from 2007 to 2012,this paper tests the effects of equity structure and social capital control on the interest embezzlement of controlling stockholders. The empirical results indicate that: the equity structure of Chinese listed family companies mainly shows interest synergy effect and the social capital control of controlling stockholders generates negative effects on the interest synergy effect. Social capital control intensifies the interest embezzlement tendency of controlling stockholders and can lead to more serious interest embezzlement problem of controlling stockholders.
出处
《当代经济科学》
CSSCI
北大核心
2015年第5期89-95,127,共7页
Modern Economic Science
基金
国家自然科学基金重点项目(70973035)
教育部人文社会科学研究青年基金项目(12YJC630325)
湖南省博士研究生科研创新项目(CX2011B231)
湖南省哲学社会科学基金项目(13YBA134)的阶段性研究成果
关键词
股权结构
社会资本控制
控股股东
利益协同效应
利益侵占
Equity Structure
Social Capital Control
Controlling Shareholders
Interest Synergy Effect
Interest Embezzlement
