财经理论与实践
財經理論與實踐
재경이론여실천
THE THEORY AND PRACTICE OF FINANCE AND ECONOMICS
2014年
3期
49-54
,共6页
外资持股%境外投资者%大股东侵占%公司治理
外資持股%境外投資者%大股東侵佔%公司治理
외자지고%경외투자자%대고동침점%공사치리
Foreign shareholders%Foreign investors%Expropriation of large shareholders%Corporate governance
依据2006~2011年沪深两市上市公司数据，考量不同类型的外资持股对中国上市公司大股东侵占的约束影响。结果表明，外资持股未能有效制约大股东侵占行为，不同性质的境外投资者对抑制大股东侵占的作用存在差异。QFII能够一定程度上抑制大股东对小股东利益的侵占，而银行、保险和证券公司持股均不能对上市公司大股东侵占形成有效监督和制约，不仅未减轻大股东对小股东的利益侵占，反而加重了上市公司大股东和中小股东的利益冲突。
依據2006~2011年滬深兩市上市公司數據，攷量不同類型的外資持股對中國上市公司大股東侵佔的約束影響。結果錶明，外資持股未能有效製約大股東侵佔行為，不同性質的境外投資者對抑製大股東侵佔的作用存在差異。QFII能夠一定程度上抑製大股東對小股東利益的侵佔，而銀行、保險和證券公司持股均不能對上市公司大股東侵佔形成有效鑑督和製約，不僅未減輕大股東對小股東的利益侵佔，反而加重瞭上市公司大股東和中小股東的利益遲突。
의거2006~2011년호심량시상시공사수거，고량불동류형적외자지고대중국상시공사대고동침점적약속영향。결과표명，외자지고미능유효제약대고동침점행위，불동성질적경외투자자대억제대고동침점적작용존재차이。QFII능구일정정도상억제대고동대소고동이익적침점，이은행、보험화증권공사지고균불능대상시공사대고동침점형성유효감독화제약，불부미감경대고동대소고동적이익침점，반이가중료상시공사대고동화중소고동적이익충돌。
Based on data of listed companies through 2006~2011 of Shanghai and Shenzhen Stock markets,this study empirically examines the restraining effect on the controlling share-holders of listed companies in China by different types of foreign shareholders.We find that for-eign shareholders on the whole cannot effectively restrain the expropriation of large shareholders, and different types of foreign shareholders have significantly different effects on the restraint of controlling shareholders expropriation.QFII can inhibit the expropriation of controlling share-holders to some extent,while shareholders of foreign banks,insurance companies and securities companies have no significant influence on controlling shareholders expropriation,which can not supervise and restrain the controlling shareholders of listed companies,and sometimes even weaken the conflicts between the controlling shareholders and the minor shareholders of listed companies.The restraining effect of foreign shareholders in the private enterprises is greater than that in state owned enterprises.
