外部治理环境、内部治理结构与合谋侵占实证分析

发布时间：2019-08-11 12:03

【摘要】：本文以中国A股上市公司2003-2005年期间的数据为样本,实证分析了公司内部治理结构和外部治理环境对控股股东与管理者合谋侵占公司利益的行为产生的影响。研究结果表明:控股股东的持股比例与其对上市公司的资金占用正相关,而非控股大股东的持股比例与控股大股东对上市公司的资金占用负相关;集团控股股东对上市公司的资金占用程度显著高于非集团控股股东;董事会中内部董事的比例与控股大股东的资金占用正相关;地区法治化水平和政府干预程度这两个外部治理环境因素也对控股股东的行为产生了显著影响,地区法治化水平越高,政府干预程度越低,控股股东占用上市公司的资金越少。
[Abstract]:Based on the data of Chinese A-share listed companies from 2003 to 2005, this paper empirically analyzes the influence of the internal governance structure and external governance environment on the collusion between controlling shareholders and managers to encroach on the interests of the company. The results show that the proportion of controlling shareholders is positively correlated with the capital occupation of listed companies, while the proportion of non-controlling large shareholders is negatively correlated with the capital occupation of listed companies by controlling large shareholders, the degree of capital occupation of group controlling shareholders to listed companies is significantly higher than that of non-group controlling shareholders, and the proportion of internal directors in the board of directors is positively correlated with the capital occupation of controlling large shareholders. The level of regional rule of law and the degree of government intervention also have a significant impact on the behavior of controlling shareholders. The higher the level of regional legalization, the lower the degree of government intervention, the less the funds occupied by controlling shareholders.
【作者单位】：武汉工程大学管理学院;
【基金】：湖北省人文社会科学基金项目(2009q047) 武汉工程大学科学研究基金项目(1711851);武汉工程大学管理学院培育基金项目(GYPY11008)
【分类号】：F276.6;F832.51

【参考文献】