股权结构对非经营性资金占用影响的实证研究——民营上市公司与国有上市公司的比较

本文以我国证券交易所公布的存在非经营性资金占用的上市公司为样本,研究股权结构对非经营性资金占用的影响。通过理论与实证分析,得出结论:民营上市公司的资金占用现象更为普遍;通过股权制衡作用可以抑制资金占用;当第一大股东持股比例在50%以下时,持股比例越大,资金占用率越高;当第一大股东持股比例大于50%时,民营上市公司表现为协同效应,而国有上市公司表现为壕沟效应。文章在分析过程中,提出“政府主导的壕沟效应”和“控股股东代理人的壕沟效应”的存在。

Empirical Study of Influence on Non-business Resource Expropriation from Equity Ownership Structure

This paper is based on the sample of the listed companies that existed non-business resource expropriation(NBRE) and announced by our country's securities exchange,study the influence on NBRE from equity ownership structure.The results from theory and empirical analysis include: The phenomenon about NBRE of private listed companies is more popular;The ownership restriction can restrain NBRE;When the proportion of the first largest shareholder belows 50%,more proportion more NBRE ratio;When the proportion of the first largest shareholder is more than 50%,the private listed companies perform alignment effects,and the state-owned listed companies perform entrenchment effects.In the analytical process,mentioning the existence of "the Government Leading Entrenchment Effects" and "the Controlling Shareholder's Agent Entrenchment Effects".