当前股权结构中的中小股东权益保护的研究

发布时间：2018-05-10 07:15

本文选题：控制权私人收益 + 股权集中度　；参考：《安徽大学》2012年硕士论文

【摘要】：保护中小股东的权益是我国证券市场发展的基础,也是我国证券市场发挥投融资功能的根本保证,而目前,我国上市公司中小股东的权益保护却面临各种问题。我国资本市场上上市公司的股权结构是一个流通股与非流通股并存的二元结构,单个股东占支配地位和国有控股是非常普遍的现象,非流通股往往占据支配地位。股权高度集中和非流通股独大导致严重的内部人控制,控股股东和大股东通过各种形式侵占中小股东的权益,严重损害了资本市场公平原则,妨碍了我国资本市场的发展。本文以第二、第三章为第一个部分,先对相关概念进行了界定,详细介绍了控制权私人收益等概念,并结合我国当前情况,对相关概念定义。随后,具体阐述了关于投资者保护的几大理论。第三章研究股权分置改革后我国证券市场中小股东保护的现状,指出在股份全流通的情况下,我国中小股东利益仍然面临被侵害的风险。第四章为本文的第二大部分,是实证研究的部分,也是本文的核心内容。笔者对股权结构与中小股东利益保护之间的关系进行分析,通过对2009年-2011年三年的数据进行实证研究,得出第一大股东比例(股权集中度),股权制衡度、流通股比例对控制权私有收益的影响。实证证明,在全流通时代,我国的证券市场的中小股东利益保护受多种因素影响,其中,股权集中度越高,中小股东利益受损越大,而股权制衡度与流通股比例对于中小股东利益保护没有显著影响。第五章是政策建议部分,笔者在第二部分结论的基础上,从我国证券市场外部环境的建设、上市公司内部治理结构的完善等两个方面提出建议,以构建合理的中小股东保护制度。
[Abstract]:The protection of the rights and interests of minority shareholders is the basis of the development of China's securities market and the fundamental guarantee for the securities market to play a role in investment and financing. At present, the protection of the rights and interests of minority shareholders of listed companies in China is faced with various problems. The equity structure of listed companies in our country's capital market is a dual structure of circulating shares and non-tradable shares. It is a very common phenomenon that individual shareholders occupy dominant position and state-owned holding shares, and non-tradable shares often occupy dominant position. High concentration of equity and non-tradable shares lead to serious insider control. Controlling shareholders and large shareholders encroach on the rights and interests of minority shareholders through various forms, which seriously damages the principle of equity in the capital market and hinders the development of the capital market in China. The first part is the second and third chapter, which defines the related concepts, introduces the private income of control in detail, and defines the relevant concepts in combination with the current situation in our country. Subsequently, elaborated on the investor protection of several theories. The third chapter studies the current situation of minority shareholders' protection in China's securities market after the reform of split share structure, and points out that the interests of minority shareholders in China are still at risk of being infringed under the situation of full circulation of shares. The fourth chapter is the second part of this paper, is the part of empirical research, is also the core of this paper. The author analyzes the relationship between the ownership structure and the protection of the interests of minority shareholders, and through empirical research on the data of the three years from 2009 to 2011, obtains the largest proportion of shareholders (equity concentration ratio, equity balance degree). The effect of the proportion of circulating shares on the private income of control. Empirical evidence shows that in the era of full circulation, the protection of minority shareholders' interests in China's securities market is affected by many factors, among which, the higher the degree of ownership concentration, the greater the damage to the interests of minority shareholders. However, the degree of equity balance and the proportion of tradable shares have no significant effect on the protection of minority shareholders' interests. The fifth chapter is the policy suggestion part. Based on the conclusion of the second part, the author puts forward the suggestions from two aspects: the construction of the external environment of China's securities market, the improvement of the internal governance structure of listed companies, and so on. In order to build a reasonable protection system for minority shareholders.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F276.6

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