民营上市公司集团治理与终极控制人侵占效应分析

本文以民营上市公司为样本,采用2002-2004年的面板数据,针对民营上市公司中普遍存在的集团治理现象,理论分析并实证检验了集团治理的各因素对终极控制人行为的综合影响.研究发现,在集团治理条件下,随着控制权和现金流权偏离程度的增加,终极控制人采取具有侵占效应的行为的激励越强.而上市公司的治理结构能够对这一影响起到调节作用,其中,股权结构中的内部股东集团比例增加会强化侵占效应的激励;董事会结构中外部董事比例的增加会抑制终极控制人的侵占效应行为.本文的经验证据表明,在对民营上市公司集团治理结构加强监管的同时,正确认识外部董事的作用、强化董事会的独立性并完善内部机制能够取到良好的治理效果.

The Group Governance of Private Listed Companies and the Entrenchment Effect of Terminal Control's Behavior

Taking the private listed companies as samples,integrat-ing group control and share structure in private listed companies,the present paper analyzes and verifies their synthesize influence on the terminal controller's behavior with the data from 2002 to 2004.The results show that group control of private listed company will motivate terminal controller to take actions,which have occupying effect.While the share structure will be the key factor to adjust this influence.,in fact,outside director of private listed company is play-ing a positive role in restraining the terminal controller's behavior.The data show that at the same time of strengthening supervision to the group control of the private listed company,it is important to realize outside director's function in corporate governance,promote institutional construction,and improve internal mechanism of pri-vate listed company constantly,so as to realize restraint to behavior of terminal controller.Some suggestions are put forward as follows:1.Strengthen the supervision on group governance of private capital listed company and perfect the related system.2.Enhance the infor-mation publishing and pothook the standard of information publish-ing and group governance.3.Getting to known the important role that exterior board directors play in corporate governance.Pushing forward the system construct with the nucleus task of advancing the independence of the board of directors.Perfecting the internal mechanism of the private capital listed company.Realizing the re-striction and induction on the ultimate control person's behavior of private capital listed company.