股权分置改革对纠正上市公司“掏空”现象的实证研究——来自国有企业和民营企业的对比.pdf

摘 要 股权分置长久以来是我国资本市场的遗留问题,由于流通股和非流通股“同 股不同权”,使得企业的治理缺乏共同的利益基础,非流通股对企业拥有绝对的 控制权却没有股价波动对自身利益的影响,因而使得控股股东“一股独大” ,管 理行为扭曲,大股东可以利用关联交易等行为掏空上市公司为自身谋得利益, 从而严重侵害了流通股股东的权益。股权分置改革的根本意图在于通过改善上 市公司股权结构,完善上市公司的治理环境,提高公司治理的效率,从而推动 上市公司的健康发展。股权分置改革后上市公司的股权定价基础趋于一致,使 得上市公司终极控制者的利益取向回归于上市公司的价值。 本文以 2005-2007 年的非金融类上市公司为样本,以大股东占款作为衡量 “掏空”现象的研究对象,通过实证检验了股权分置改革对上市公司“掏空” 的改善效果。并且从股权集中度和股权制衡度两个“掏空”的主要影响因素出 发,讨论股改对于“掏空”动机的影响。除此之外,本文还通过分别的实证检 验,对比不同所有权性质的上市公司“掏空”机制的区别,以及股改对其的不 同影响。 研究结果证明: (1)股权分置改革显著地降低了上市公司的“掏空”行为; (2)民营企业的“掏空”程度显著地高于国有企业; (3)总体上看,股权相对 集中程度和股权制衡分别对“掏空”有正和负的效应,股权分置改革在一定程 度上降低了因股权集中而造成的“掏空”动机;(4)对于国有上市公司,股权 制衡度对“掏空”的影响并不显著,尽管股改在一定程度上提高了股权制衡对 “掏空”的削弱,但是实证结果并不显著;(5)对于民营上市公司,股权的集 中程度对“掏空”的影响并不显著,然而股权的制衡对上市公司的“掏空”有 显著的约束作用,而股权分置改革却在某种程度上削弱了这种约束作用。 关键词:股权分置; “掏空”;股权集中;股权制衡1Abstract The split-share structure is the historical problem that stands in the way of the development of China capital market. With the split-share structure, shareholders of tradable and non-tradable shares have different motivations with different benefitSince the benefit of large shareholders with non-tradable shares is not based on the market performance of the stock, they have the motivation to maximize their own benefit through tunneling and by means of related transaction. The aim of the split-share structure reform is to improve the corporate governance of the listed company by changing the share structure and market environment. The outcome of the reform should be the consistency in the pricing scheme between large and small shareholdersBased on the data from 2005-2007 of non-financial companies, this paper aims to discover whether the reform of split-share structure successfully deterred the “tunneling” of large shareholders using the “net capital occupation” to define “tunneling”. By discussing ownership concentration and ownership control, the two main factors that influence “tunneling”, this paper tries to discover the mechanism that split-share structure reform changes the ince