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外资大股东能抑制现金股利隧道效应吗?——基于中国上市公司的实证研究
引用本文:李翔,邓可斌.外资大股东能抑制现金股利隧道效应吗?——基于中国上市公司的实证研究[J].经济前沿,2014(2):132-147.
作者姓名:李翔  邓可斌
作者单位:[1]暨南大学 [2]广东外语外贸大学财经学院
基金项目:国家社科基金重点项目(批准号:11AJY013,主持人:刘少波); 广东省社科基金项目(批准号:GD11CYJ16,主持人:刘少波); 广东省教育厅人文社科重大攻关项目(批准号:11ZGXM79004,主持人:刘少波)
摘    要:提升上市公司治理水平、抑制隧道效应是我国证券市场实施引入外资股东改革的重要目的之一。研究采用动态面板系统GMM估计方法,从现金股利隧道效应角度实证检验引入外资股东是否能有效控制控股股东掏空行为,保护中小股东利益。实证结果证明:(1)外资直接持股能够对现金股利隧道效应发挥一定的抑制作用,而间接持股则没有明显作用;(2)直接持股外资大股东对现金股利隧道效应的抑制作用与其持股比例密切相关,当持股比例适度时,外资股东能够抑制第一大股东的掏空行为,降低第一大股东隧道效应。但当外资持股比例达到一定程度,成为第一大股东或与第一大股东接近时,外资大股东的监督作用和隧道效应抑制作用会消失。无论是改变现金股利隧道效应的度量因子,还是使用更为保守的样本,这一结论都是稳健的。

关 键 词:外资大股东  现金股利  隧道效应

Can Foreign Block Holders Inhibit Tunneling of Cash Dividend?——An Empirical Research Based on Chinese Listed Companies
LI Xiang,DENG Ke-bin.Can Foreign Block Holders Inhibit Tunneling of Cash Dividend?——An Empirical Research Based on Chinese Listed Companies[J].Forward Position in Economics,2014(2):132-147.
Authors:LI Xiang  DENG Ke-bin
Institution:LI Xiang DENG Ke-bin
Abstract:One of the chief purposes to implement reform of introducing foreign shareholders is to improve the corporate governance of listed company and inhibit tunneling. From the perspective of tunneling of cash dividend,we test whether the introduction of foreign shareholders can effectively prevent the block holders from tunneling and protect the interests of minority shareholders by applying the method of SYS GMM estimation of dynamic panel data. The empirical results show that:( 1) Foreign direct holding can inhibit tunneling of cash dividend to some extent,while indirect holding has no obvious effect;( 2) The inhibition effect of foreign block holders on tunneling of cash dividend is closely correlated with share proportion. When the share proportion is appropriate,foreign block holders can prevent the largest shareholder from tunneling and reduce the tunneling effect. However,when the foreign share proportion accumulates to a certain extent,and the foreign shareholder becomes or nearly becomes the largest shareholder,the supervising effect will disappear,as well as the effect on inhibiting tunneling.
Keywords:foreign block holders  cash dividend  tunneling
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