CAJ | 학술논문

上市公司终极股东通常可以同时动用股权控制链和社会资本控制链来获取并强化其对上市公司的终极控制。本文通过对沪深两市共60家上市公司的其他主要大股东、董事和经理人员进行问卷调查,并对所获得的480份有效问卷的数据进行相应的实证分析,验证了在我国上市公司的治理实践中,终极股东普遍存在着动用社会资本控制链来获取并强化其终极控制的现象。并且,终极股东在强化其对上市公司股东大会、董事会和经理层的控制过程中所动用的社会资本存量并不一致：对其他主要股东动用的社会资本最高;其他董事次之;非直接委派的经理人员最少。不同性质的终极股东动用社会资本及由此所产生的影响也存在着明显的差异。
상시공사종겁고동통상가이동시동용고권공제련화사회자본공제련래획취병강화기대상시공사적종겁공제。본문통과대호심량시공60가상시공사적기타주요대고동、동사화경리인원진행문권조사,병대소획득적480빈유효문권적수거진행상응적실증분석,험증료재아국상시공사적치리실천중,종겁고동보편존재착동용사회자본공제련래획취병강화기종겁공제적현상。병차,종겁고동재강화기대상시공사고동대회、동사회화경리층적공제과정중소동용적사회자본존량병불일치：대기타주요고동동용적사회자본최고;기타동사차지;비직접위파적경리인원최소。불동성질적종겁고동동용사회자본급유차소산생적영향야존재착명현적차이。
From this theoretical perspective,the ultimate shareholder could establish good relationship and trust with other shareholders,directors and managers,which affects each other＇s enthusiasm,communication channels,control,coordinate and ultimately affects the overall performance of the listed company.If they have established good mutual trust,it will help them arouse the enthusiasm of all,smooth communication channel of governance,and strengthen the ultimate control,so as to improve the operational efficiency of coordination.Conversely,if lack of mutual trust,it will not only lead to increase the cost of organization and coordination,but also can cause the whole organization operating inefficiency.The ultimate shareholders can use social capital with other shareholders,directors and managers more widely in process of information exchange,to promote the interests and common vision,and strengthen the establishment of listed companies and the actual control.Therefore,in the governance practice of Chinese listed companies,does it really exist that phenomenon？ How much are the social capital in the process of the ultimate shareholders strengthening the control on other shareholders,directors and managers？ And are there some significant differences of the social capitals used by different types of ultimate shareholders？ As assessed our listed companies,by questionnaire investigation to other main major shareholders,directors and managers of 60 listed companies and empirical analysis and test of 480 valid questionnaire data,we verify it is a widespread and common phenomenon for the ultimate shareholders of listed companies to use social capital control chain to obtain and strengthen the ultimate control.The social capitals that the ultimate shareholders in strengthening their control of other shareholders,directors and managers of the listed companies are not identical.Compared with the private enterprise,the social capital that the ultimate shareholder of state-owned enterprises used to strengthen the control of other major shareholders is a little more.However,the social capital that the ultimate shareholder of private listed companies used to strengthen the control of other directors is a little more.The social capitals of the ultimate shareholders（either of state-owned listed companies,or private listed companies） are used to strenghen the ultimate control of other managers,but not a lot.