外部治理环境、内部治理结构与合谋侵占实证分析

本文以中国A股上市公司2003-2005年期间的数据为样本,实证分析了公司内部治理结构和外部治理环境对控股股东与管理者合谋侵占公司利益的行为产生的影响。研究结果表明:控股股东的持股比例与其对上市公司的资金占用正相关,而非控股大股东的持股比例与控股大股东对上市公司的资金占用负相关;集团控股股东对上市公司的资金占用程度显著高于非集团控股股东;董事会中内部董事的比例与控股大股东的资金占用正相关;地区法治化水平和政府干预程度这两个外部治理环境因素也对控股股东的行为产生了显著影响,地区法治化水平越高,政府干预程度越低,控股股东占用上市公司的资金越少。

Empirical Research on External Governance Environment,Internal Governance Structure and Collusion

Based on the fiscal data of A-share listed companies from 2003-2005 in China,this article tests the influence of internal governance structure and external governance environment on collusion between control shareholders and managers.The results show that: controlling shareholders’ stock proportion is positively related to their use of the listed company’s fund,while non-controlling major shareholders’ stock proportion is negatively related to controlling shareholders’ fund use;Group controlling shareholders’ fund use is obviously higher than that of non-group controlling shareholders;The proportion of internal directors is positively related to controlling shareholders’ fund use;Two external factors from the governance environment: local legislation level and government inference also have an important effect on control shareholders’ behavior.