西安电子科技大学学报（社会科学版）
西安電子科技大學學報（社會科學版）
서안전자과기대학학보（사회과학판）
JORUNAL OF XIDIAN UNIVERSITY(SOCIAL SCIENCES EDITION)
2014年
6期
71-77
,共7页
小股东利益%资金占用%股权结构%企业转型
小股東利益%資金佔用%股權結構%企業轉型
소고동이익%자금점용%고권결구%기업전형
Minor shareholder%Capital take up%Ownership Structure%Threshold Firm Transition
研究提出小股东利益侵占的另一根源是创业者管理转型失败。采用创业板上市数据，研究发现IPO前所有权结构的所有权价值观惯性是导致上市后小股东侵占的重要原因。研究发现创业板企业小股东侵占会随IPO之前第一自然人股东持股比例提高，随IPO前股东制衡程度而降低。IPO前公司设立的年限越长，风险投资持股比例越高，所有权价值观惯性对小股东利益侵占行为的影响越弱。
研究提齣小股東利益侵佔的另一根源是創業者管理轉型失敗。採用創業闆上市數據，研究髮現IPO前所有權結構的所有權價值觀慣性是導緻上市後小股東侵佔的重要原因。研究髮現創業闆企業小股東侵佔會隨IPO之前第一自然人股東持股比例提高，隨IPO前股東製衡程度而降低。IPO前公司設立的年限越長，風險投資持股比例越高，所有權價值觀慣性對小股東利益侵佔行為的影響越弱。
연구제출소고동이익침점적령일근원시창업자관리전형실패。채용창업판상시수거，연구발현IPO전소유권결구적소유권개치관관성시도치상시후소고동침점적중요원인。연구발현창업판기업소고동침점회수IPO지전제일자연인고동지고비례제고，수IPO전고동제형정도이강저。IPO전공사설립적년한월장，풍험투자지고비례월고，소유권개치관관성대소고동이익침점행위적영향월약。
This research employs the firms on Growth Enterprises Market to argue that minor stakeholder exploitation derives from the transition failure of threshold firms. Growth enterprise market provides entrepreneurial firms with important opportunities to perform transition from entrepreneur oriented firm to professionally managed firm. However, Pre-IPO ownership structure may cause value inertia which leads to minor shareholder exploitation. We find that Pre-IPO share ratio of the largest entrepreneur has a positive effect on the minor shareholder exploitation caused by value inertia while Pre-IPO balance between shareholders has a negative effect on minor shareholder exploitation. Furthermore, we find that the firm age and VC share ratio weaken the minor shareholder exploitation caused by value inertia.
