大股东减持作为一种支持行为之探析

＂掏空＂和＂支持＂行为对公司来说是两种作用对称的行为。大股东减持作为＂掏空＂行为之一已有研究,作为支持行为还未见研究报道,然而大股东减持是能够作为支持行为的。大股东减持既可能用套现获得的资金直接支持上市公司,也可能是通过引进战略投资机构、优化公司的股权结构提升公司治理效率实现支持。两个案例的分析进一步说明了大股东在公司处于财务困境时减持可能是大股东支持行为之一,但这还有待于对大股东减持与其支持行为关系进行实证研究。

Reduction of the Largest Shareholder as a Propping Activity

Tunneling and propping are two symmetric activities with impact on companies.There had empirical research about reduction of the largest shareholder as one of tunneling activities.However,studies on the activities of propping are rarely reported,activities of reduction are able to activities as the propping.Reduction of the largest shareholder can both receive funds and then directly support the listed companies;it may support the listed companies through the introduction of strategic investment institutions and optimization of the company＇s ownership structure to enhance the efficiency of corporate governance.Two cases further illustrate that reduction may be one of propping activities of the largest shareholder for companies in the financial distress,but their relationships between reduction of the largest shareholder and propping activities need some empirical research.