外资大额持股、公司治理与控股股东侵占研究

发布时间：2018-03-19 19:08

本文选题：外资大额持股　切入点：公司治理　出处：《暨南大学》2013年硕士论文　论文类型：学位论文

【摘要】：自我国资本市场有限度对外开放以来，外资通过多种途径进入我国资本市场，，并不同程度的持股我国上市公司。当外资持股比例达到5%以上时，会对上市公司的治理结构产生影响。由于控股股东侵占问题一直是我国上市公司治理的顽疾，因此开放背景下探讨外资大额持股能否有效抑制控股股东侵占，具有重要的理论意义和实践意义。本文在外资大额持股与控股股东侵占的理论分析基础上，根据收集到的2006-2011年间我国上市公司中外资大额持股的数据按比例分组，分别测度外资大额持股比例与控股股东侵占度之间的关系，通过回归分析与稳健性检验，得出了本文的研究结论：（1）当外资大额持股比例在5%-20%之间时，外资大额持股能够显著降低控股股东侵占度，但当持股比例在20%-30%之间时，外资大股东与控股股东出现了一定程度的利益协同，特别是当外资大额持股比例达到30%以上时，外资大股东会与控股股东进行合谋，侵占中小股东的利益。（2）大的外资金融机构持股能够有效抑制控股股东侵占。（3）外资大额持股不能有效抑制国有控股股东侵占。为此，本文提出了优化股权结构，提高外资金融机构持股比例，加强法律约束，从而降低控股股东侵占度的建议。
[Abstract]:Since the limited opening of China's capital market to the outside world, foreign investment has entered China's capital market through a variety of channels, holding different shares of listed companies in China to the same extent. When the proportion of foreign capital holdings reaches more than 5%, The governance structure of listed companies will be affected. Since the problem of controlling shareholder encroachment has always been a persistent problem in the governance of listed companies in China, this paper discusses whether large foreign ownership can effectively restrain the occupation of controlling shareholders under the background of opening up. It has important theoretical and practical significance. Based on the theoretical analysis of large foreign ownership and controlling shareholder usurpation, this paper is divided into three groups according to the data collected from 2006 to 2011. This paper measures the relationship between the proportion of large foreign ownership and the degree of occupation of controlling shareholders respectively. By means of regression analysis and robustness test, we draw the conclusion of this paper: 1) when the proportion of large foreign ownership is between 5% and 20%, we find that the proportion of large foreign ownership is between 5% and 20%. However, when the proportion of foreign ownership is between 20% and 30%, there is a certain degree of benefit synergy between foreign large shareholders and controlling shareholders, especially when the proportion of large foreign ownership is more than 30%. The large foreign shareholders' meeting conspires with the controlling shareholders to encroach on the interests of the minority shareholders. 2) the large foreign capital financial institutions holding shares can effectively restrain the controlling shareholders from usurping. 3) the large foreign capital holdings cannot effectively restrain the state controlling shareholders' encroachment. This paper proposes to optimize the ownership structure, increase the proportion of foreign financial institutions holding shares, strengthen the legal constraints, and thus reduce the degree of occupation by controlling shareholders.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F271;F832.5

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