CAJ | 학술논문

　　产权制度、法律保护等市场化进程可以减少控制权的私人收益，降低控股股东对小股东的利益侵害。以2007年-2010年沪深A股3017家上市公司为样本，研究了市场化进程中的政府干预、产品市场发育和法制环境对控股股东掏空行为的影响。研究发现，上市公司所在地区的市场化进程越高，即政府干预程度越低，产品市场发育程度越好，法制环境越好，控股股东的掏空行为越少。
　　산권제도、법률보호등시장화진정가이감소공제권적사인수익，강저공고고동대소고동적이익침해。이2007년-2010년호심A고3017가상시공사위양본，연구료시장화진정중적정부간예、산품시장발육화법제배경대공고고동도공행위적영향。연구발현，상시공사소재지구적시장화진정월고，즉정부간예정도월저，산품시장발육정도월호，법제배경월호，공고고동적도공행위월소。
The market development of property and law can reduce the private benefit of control right , thus reduce infringement of controlling shareholder on minority shareholder .We take 3107 listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2010 as the research samples to analyze the effect of government interven-tion, product market and legal environment on tunneling of controlling shareholder .The results show that the more is the development of market , which refers to fewer intervention of government , the better are the development of product market and legal environment , and the less is the tunneling of controlling shareholder .