| 基于中小股东利益保护的控制权转移效果研究 |
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| 引用本文： | 钟文娟,张建国.基于中小股东利益保护的控制权转移效果研究[J].绍兴文理学院学报,2008,28(5). |
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| 作者姓名： | 钟文娟 张建国 |
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| 作者单位： | 1. 浙江财经学院,金融学院
2. 浙江财经学院,会计学院,浙江,杭州310018 |
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| 摘 要： | 以2003年至2004年控制权发生变更的上市公司作为样本研究控制权转移对大股东资金侵占的影响,发现控制权转移后显性资金侵占在下降,而隐性侵占在上升。又以控制权转移后3年的数据为样本研究大股东资金侵占的影响因素,研究发现2003年证监会发布的第56号文件的出台对显性资金侵占起到限制作用。此外,公司规模大小、净资产收益率、股权分散度及隐性侵占程度与大股东显性侵占程度负相关;而公司的现金比例及负债率与显性侵占程度正相关。
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| 关 键 词： | 显性侵占 隐性侵占 股权分散性 机构投资者持股比例 |
The Effect of Controlling Power Transfer:A Small and Medium Shareholders' Interest Protection Approach |
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| Zhong Wenjuan,Zhang Jianguo.The Effect of Controlling Power Transfer:A Small and Medium Shareholders'' Interest Protection Approach[J].Journal of Shaoxing College of Arts and Sciences,2008,28(5). |
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| Authors: | Zhong Wenjuan Zhang Jianguo |
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| Abstract: | Based on the samples of listed companies whose control rights were transferred during 2003-2004,we made a study of the impact of controlling power transfer on big share holders' embezzlement.The result showed that the obvious embezzlement declined,while the conceal embezzlement increased after controlling power transfer.Further more,this paper studied the factors of the big share holders' embezzlement on the data of public companies from 2004 to 2007,whose control rights transferred during 2003 and 2004.The... |
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| Keywords: | obvious embezzlement concealed embezzlement dispersion of equity the proportion of institutional investors\' equity |
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