沪深上市公司大股东资产侵占问题研究

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1、西南交通大学硕士学位论文沪深上市公司大股东资产侵占问题研究姓名：鲁玥申请学位级别：硕士专业：企业管理指导教师：高增安20071110西南交通大学硕士研究生学位论文第1I页AbstractThestockexchangebourseshavebeenestablishedinShanghaiandShenzhensincetheearly1990s，Chinesestockmarketgraduallydevelopedduringafewyears．Eventhoughthestockmarketdevelopsrapidly,actuallyitdevelopsa

2、bnormally．Largeshareholdersexpropriatingtheassetsoflistedcompaniesoccursfrequently．TheStockSupervisoryCommitteeofChinahasevertakenthecensusof175listedcompaniesandfoundthatsuchaproblemexistedin676listedcompanies．Anditinflencesthedevelopmentoflistedcompanies，harmstheinterestsofmiddle—and

3、—smallshareholders，andalsoweakensthedevelopmentofstockmarkets．TheresearchshowsthatthemainreasonwhyfinancialcrisisinAsiabrokeoutfrom1997to1998isthiskindoffuriousbehavioroflargeshareholders．ThispaperadoptsA—stocklistedcompaniesinShanghaiandShenzhenstockmarketassamples，collectingthereleva

4、ntdatafrom2005to2006．Theauthorstudiestheproblemofbigshareholdersexpropriatingtheassetsfromfouraspects，namely,thedegreeofconcentrationofstockownership，checkingandbalanceingofstockownership．dividenddistributionandaudit．Theconclusionis硒follows：Thereisanegativelyrelevantrelationshipbetween

5、thestockrateoftop1shareholderandtherateofexpropriatingtheassets．Whenthestockrateoftop1shareholderrising，therateofexpropriatingtheassetsisfalling．Checkingandbalancingofstockownershipoflistedcompanieshasrestrainableimpactonlargeshareholders’expropriatingbehavior．Thereisanegativelyrelevan

6、trelationshipbetweencashingdividendsoflistedcompaniesandbigshareholders’expropriatingtheassets，demonstratingthatlargeshareholderoftenwon’tpaymiddle—and—smallshareholdersprofitsofthecompanyintheshapeofcashdividend．Thereisanegativelyrelevantrelationshipbetweenthepresentationofstandardand

7、cleanauditingopinionandlargeshareholders’expropriatingtheassets，demonstrating西南交通大学硕士研究生学位论文第ⅡI页thattheopennessofinformationdisclosurehasrestrainableimpactontheexpropriatingbehavioroflargestockholderstosomeextent．KeyWords：ListedCompany；LargeShareholder；Expropriation；CashDividend．西南交通