家族企业股权结构对中小投资者保护效果的影响研究

发布时间：2018-02-26 21:20

本文关键词： 中小投资者保护家族上市公司股权结构资金侵占　出处：《山东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：中小投资者是我国证券市场的主体，对国民经济的长远发展产生直接影响，其利益保护问题一直是市场关注的焦点。家族企业是我国经济的“隐形发动机”，对我国经济的繁荣发展有着突出的贡献。尤其这几年家族企业的上市呈现出井喷之势，家族上市公司也成为投资者关注的热点。然而家族上市公司具有股权高度集中和“金字塔”式两种典型股权结构特征，随着家族企业上市公司不断增多，与之相关的股东利益分配、关联交易、资金侵占、信息披露、治理结构及其代理问题也逐渐凸现出来，这些都可能侵害中小投资者的利益，因此探究家族上市公司股权结构安排对中小投资者保护的影响显得十分必要。本文以我国家族上市公司股权结构研究为出发点，通过论证中小投资者利益在家族上市公司中受到侵害的原因，以中小投资者保护效果的加强和完善为主线展开。文章首先回顾投资者保护的相关理论和研究成果，并以家族上市公司股权结构安排对中小投资者侵害作为现实背景，在这些基础上提出相应的研究假设。从2009-2011年民营上市公司中，筛选出符合条件、数据完整的372家家族上市公司，利用其三年的截面数据，进行描述性统计分析、相关性分析以及回归分析，探究家族上市公司在不同股权结构安排下对中小投资者保护产生的影响。实证结果发现：家族上市公司股权集中度越高，越不利于中小投资者的保护；其他大股东的股权制衡能力对中小投资者的保护效果具有显著性的作用，随着第二到第十大股东股权比例增加，越倾向于保护中小投资者；公司中控制权和所有权的分离度越大、股权控制链长度越长，越不利于中小投资者。最后根据研究结果，并结合中国当前的现实背景，，提出对应政策建议，包括优化股权结构、加强公司监管、完善信息披露制度以及提高中小投资者自我维权意识等。
[Abstract]:Small and medium-sized investors are the main body of China's securities market and have a direct impact on the long-term development of the national economy. The protection of its interests has always been the focus of attention of the market. The family business is the "invisible engine" of our economy and has made outstanding contributions to the prosperity and development of our economy. Especially in recent years, the listing of family enterprises has shown a trend of blowout. However, the family listed companies have the characteristics of high concentration of ownership and "pyramid" type of ownership structure. With the increasing of the number of listed companies in family enterprises, The problems related to the distribution of shareholders' interests, related transactions, capital encroachment, information disclosure, governance structure and their agency issues are also gradually emerging, which may infringe on the interests of small and medium-sized investors. Therefore, it is necessary to explore the influence of ownership structure on the protection of small and medium investors. Based on the research of the ownership structure of the family listed companies in China, this paper demonstrates the reasons why the interests of the small and medium investors are infringed in the family listed companies. Firstly, this paper reviews the relevant theories and research results of investor protection, and takes the ownership structure arrangement of the family listed company as the realistic background. Based on these, the corresponding research hypotheses are put forward. 372 family listed companies that meet the requirements and complete data are selected from the private listed companies in 2009-2011 to carry out descriptive statistical analysis using their cross-section data of three years. Correlation analysis and regression analysis, to explore the impact of family listed companies on the protection of small and medium-sized investors under different ownership structure arrangements. The empirical results show that: the higher the ownership concentration of family listed companies, The more unfavorable to the protection of small and medium investors, the more inclined to protect small and medium investors with the increase of the proportion of the second to tenth shareholders. The greater the degree of separation of control and ownership in the company, the longer the length of the equity control chain, which is more detrimental to the small and medium-sized investors. Finally, according to the research results and combined with the current background of China, the corresponding policy recommendations, including optimizing the ownership structure, are put forward. Strengthen the company supervision, improve the information disclosure system, and improve the awareness of small and medium-sized investors to protect their rights.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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