中国上市公司大股东利益输送路径与治理研究

发布时间：2018-01-01 18:09

本文关键词：中国上市公司大股东利益输送路径与治理研究　出处：《西北大学》2014年博士论文　论文类型：学位论文

【摘要】：2013年11月,党的十八届三中全会明确提出,推进国家治理体系和治理能力现代化,奏响了国家治理体系建设的最强音。相比于国家治理中的众多问题,大股东利益输送似乎是一只微小的蝴蝶,但绝非为一只普通的蝴蝶,而是一只能够产生蝴蝶效应的蝴蝶,治理不善,将引发整个资本市场的动荡与危机。学者们的研究结果证实,控股股东猖撅的隧道挖掘是导致1997年亚洲金融危机爆发的主要原因；微观的公司治理风险累积是2008年全球金融“海啸”的重要诱因；近年来我国股市的持续低迷,进行隧道挖掘和掏空的大股东难辞其咎。尽管大股东利益输送引起了学界的广泛关注,但其泛滥的现实仍可折射出理论研究的缺陷和不足。纵观已有研究,主要集中在利益输送危害效应、形成原因、治理改善等方面,鲜有从利益输送路径视角开展。探明大股东利益输送路径及形成机理,对打开利益输送“黑箱”,解开“利益输送之谜”,改进和提高治理效率和质量无疑具有重要意义。本文以利益输送治理为主题,以利益输送路径为主线,重点研究了利益输送路径形成动因机理、关联规则和基于利益输送路径的治理模式,创新性工作主要有： (1)揭示了利益输送发生和演化机理。引入委托代理链概念,集成股东会、董事会和经理层三个维度创建大股东控制权配置概念模型。通过对16种控制权配置模式下利益输送可能性研究,归纳得出利益输送对控制权配置具有显著的“状态依存”属性结论,实现了对其内在发生机理的深入剖析；构建大股东利益输送演化博弈仿真模型,通过对五种模式下的演化稳定策略(ESS)的演绎和仿真分析,推理得出外部自发演进无法实现利益输送治理“帕累托”最优的结论,拓展了利益输送外部演化过程研究的理论视角和框架体系。 (2)证实了利益输送路径关联模式的存在。运用Apriori算法等数据挖掘技术,基于沪深两市20年间上市公司2367次违规事件数据的关联规则挖掘,发现：利益输送路径偏好模式上,“转移损益”为主,其余依次为“占用资产”、“违规担保”和“复合路径”,隐蔽性越强的路径越为大股东所偏好；输送路径发掘上存在“二八定律”：利益输送路径以高于80%的概率伴随着违规披露的发生,但从实际违规披露事件中却只有20%左右的较低概率被发现；输送路径选择时序上存在较强的“惯性”和“路径依赖”特征,治理的关键在于监控时点前移；利益输送路径防范的重点是“违规信息披露”。这些新发现为基于利益输送路径的治理研究提供了重要的实证支撑。 (3)验证了股权结构、外部治理环境与利益输送路径的关联关系。基于2005-2010年沪深两市6个会计年度1088组样本数据,采用Logistic模型,从股权集中度、制衡度等七个维度系统检验了其与损益转移、占用资产和违规担保三种路径的统计依赖关系。发现：终极产权性质仅对占用资产有显著影响；股权制衡度对三种路径不具有显著影响；股权集中度与损益转移存在“U型”曲线关系；两权分离度与违规担保存在“倒U型”曲线关系；法制环境对三种路径有显著地负向影响,政府质量、要素市场环境对损益转移无显著影响。这些结论丰富和拓展了利益输送路径的实证研究。 (4)提出了基于路径,集理念创新、路径创新和制度创新“三位一体”的利益输送治理新模式。主要为,以理念创新为先导,强化系统治理、数据治理及文化治理,推进科学治理；以路径创新为支撑,健全利益输送路径内部控制体系、完善资本市场体系、充分发挥媒体监督功能,优化内外部治理路径,强化大数据等新技术应用,促进协同治理；以制度创新为保障,完善利益输送治理立法、建立健全治理制度体系和规范体系,实现长效治理。
[Abstract]:In November 2013 , the 18th Third Plenary Session of the Communist Party of China made it clear that the modernization of the national governance system and the governance capacity had begun to sound the most powerful sound of the construction of the national governance system . Although the large shareholder ' s interest transfer has attracted extensive attention from the academic circle , the reality of the flood still can reflect the defects and shortcomings of the theory research . In view of the existing research , the author mainly focuses on the interest transportation hazard effect , the formation reason and the improvement of governance . This paper focuses on the mechanism of interest transfer path formation , the association rules and the governance model based on the interest conveying path . The innovative work mainly includes : ( 1 ) The mechanism of interest transfer and evolution is revealed . A conceptual model of controlling right of shareholders is created by introducing the concept of principal agent chain , integrating shareholders ' meeting , board of directors and manager level . ( 2 ) The existence of the association model of interest conveying path is proved . Based on the association rules mining of 2367 non - compliance event data of listed companies in Shanghai and Shenzhen during the 20 years , the paper finds that the " transfer profit and loss " is the main and the other is " occupancy assets " , " breach guarantee " and " composite path " . The key to the governance lies in the " violation information disclosure " . These new discoveries provide important empirical support for the governance research based on the path of interest . ( 3 ) The relationship between equity structure , external governance environment and interest conveying path is verified . Based on the data of the sample data of six accounting years in Shanghai and Shenzhen in 2005 - 2010 , the statistical dependencies of three routes of profit and loss transfer , occupation of assets and security breaches are tested by using Logistic model . ( 4 ) The new model of interest transportation management based on path , idea innovation , path innovation and system innovation is put forward . It is mainly characterized by taking the idea innovation as the leader , strengthening system governance , data governance and cultural governance , promoting scientific governance , perfecting the internal control system of interest conveying path , perfecting the capital market system , fully exerting the functions of media supervision , optimizing the internal and external governance path , strengthening the system of internal and external governance , strengthening the system of governance system and regulating the system , and realizing long - term governance .

【学位授予单位】：西北大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F832.51;F271

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