全流通环境下，我国上市公司股权结构与关联交易的关系研究

发布时间：2018-01-21 06:23

本文关键词： 全流通关联交易股权结构机构投资者　出处：《西南政法大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国2005年开始实行的股权分置改革是对我国资本市场的重大变革，理论界和实务界都认为通过股权分置改革，，可以改善我国上市公司的股权结构，从而解决由于我国上市公司特殊的股权结构所带来的各种问题，这其中就包括关联交易。但是，在实行股权分置改革之后，我国上市公司进行关联交易的现象并没有显著减少，反而呈现出关联交易的规模越来越庞大、交易的过程越来越复杂的现象，股权分置改革并没有像预期的那样有效地抑制关联交易的发生。本文从股权结构这一影响公司内部治理结构的基础性机制入手，在参考前人研究的基础上，结合当前我国证券市场逐步迈入全流通的时代背景，来分析当前我国上市公司股权结构与关联交易之间的关系，并分析我国施行股权分置改革的作用是否得到了体现。在结合前人的研究和当前的制度背景之后，提出本文的四个研究假设。本文选取2009年至2011年沪深A股制造业中已经实现全流通的上市公司为初始样本，通过一定的筛选得到最终410个研究样本，通过对样本的实证分析来验证本文提出是研究假设，最终得出以下四个结论：第一大股东对公司拥有绝对控制权时，随着第一大股东持股比例的增加，关联交易的规模会越来越小；当上市公司股权高度集中时，随着公司股权集中度的增加，关联交易的规模会越来越小；股权制衡对关联交易有明显的抑制作用；当第一大股东对上市公司拥有绝对控制权或上市公司的股权高度集中时，机构投资者的持股比例越高，对上市公司关联交易的抑制作用更明显。最后，在结合本文研究结果的基础上提出有关的政策建议，包括：进一步优化我国上市公司的股权结构、大力发展机构投资者以及完善我国关联交易的信息披露制度，以便更好地规范我国上市公司的关联交易行为，完善我国的公司治理机制。
[Abstract]:In 2005, China began to implement the split share structure reform is a major change in China's capital market, the theoretical and practical circles believe that through the reform of equity separation, can improve the ownership structure of listed companies in China. In order to solve the problems caused by the special ownership structure of listed companies in China, including related party transactions. However, after the implementation of the split share structure reform. The phenomenon of related party transactions of listed companies in China has not been significantly reduced, on the contrary, the scale of related party transactions is becoming larger and larger, and the process of transactions is becoming more and more complex. The split-share structure reform has not been as effective as expected to curb the occurrence of related party transactions. This paper starts with the ownership structure, the basic mechanism that affects the internal governance structure of the company, on the basis of referring to the previous studies, and combines the background of the current securities market of our country step by step into the full circulation of the times. To analyze the relationship between the ownership structure and related party transactions of listed companies in our country, and to analyze whether the effect of the split share structure reform in our country has been reflected. After combining the previous research and the current institutional background. Four hypotheses of this paper are put forward. From 2009 to 2011, this paper selects all listed companies in Shanghai and Shenzhen A share manufacturing industry as the initial sample, and obtains 410 research samples through certain screening. Through the empirical analysis of the sample to verify that this paper is a research hypothesis, and finally draw the following four conclusions: the first shareholder has absolute control of the company, with the increase of the proportion of the largest shareholder. The scale of related party transactions will be smaller and smaller; When the listed companies are highly concentrated, the scale of related party transactions will be smaller and smaller with the increase of the degree of equity concentration. Equity checks and balances have obvious inhibitory effect on related party transactions; When the largest shareholder has absolute control over the listed company or the stock ownership of the listed company is highly concentrated, the higher the proportion of institutional investors holding, the more obvious inhibition to the related party transactions of listed companies. Finally. On the basis of the research results of this paper, this paper puts forward some policy recommendations, including: further optimizing the equity structure of listed companies in China, vigorously developing institutional investors and perfecting the information disclosure system of related party transactions in China. In order to better regulate China's listed companies related transactions, improve our corporate governance mechanism.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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