经济与管理研究
經濟與管理研究
경제여관리연구
Research on Economics and Management
2011年
5期
5~11
,共null页
股权制衡 股东合谋 公司治理绩效
股權製衡 股東閤謀 公司治理績效
고권제형 고동합모 공사치리적효
Shareholders Balance Mechanism （SBM） ; Shareholders Collusion; Corporate Governance Performance
本文分别从控股股东与非控股大股东的绩效函数出发，建立股权制衡的公司治理绩效模型，用以分析控股股东利益侵占和公司股权制衡的作用关系。研究发现：一方面，公司股权制衡受到控股股东侵占行为的操纵，表现为控股股东侵占对股权制衡的正向作用；另一方面，股权制衡能够提升公司治理绩效，表现为股权制衡对控股股东侵占的负向影响。另外，非控股大股东具有与控股股东相互合谋的动机，以实现对公司中小股东利益的联合侵占。
本文分彆從控股股東與非控股大股東的績效函數齣髮，建立股權製衡的公司治理績效模型，用以分析控股股東利益侵佔和公司股權製衡的作用關繫。研究髮現：一方麵，公司股權製衡受到控股股東侵佔行為的操縱，錶現為控股股東侵佔對股權製衡的正嚮作用；另一方麵，股權製衡能夠提升公司治理績效，錶現為股權製衡對控股股東侵佔的負嚮影響。另外，非控股大股東具有與控股股東相互閤謀的動機，以實現對公司中小股東利益的聯閤侵佔。
본문분별종공고고동여비공고대고동적적효함수출발，건립고권제형적공사치리적효모형，용이분석공고고동이익침점화공사고권제형적작용관계。연구발현：일방면，공사고권제형수도공고고동침점행위적조종，표현위공고고동침점대고권제형적정향작용；령일방면，고권제형능구제승공사치리적효，표현위고권제형대공고고동침점적부향영향。령외，비공고대고동구유여공고고동상호합모적동궤，이실현대공사중소고동이익적연합침점。
We construct a model about the corporate governance performance of shareholders balance mechanism （ short as SBM ） to analyze the relationship between SBM and controlling shareholder ＇ s tunneling behaviors. From the performance functions of controlling and non - control large shareholders, our mathematical research finds out corporate SBM is manipulated by the tunneling of controlling shareholder on one hand, which shows that the controlling shareholder＇ s tunneling has positive effect on corporate SBM; and on the other hand, corporate governance performance is improved by SBM, which is manifested by the negative influence of corporate SBM on controlling shareholder＇ s tunneling. Furthermore, there is probability of collusion between controlling and non - control large shareholders so as to achieve the joint expropriation of the interests of minority shareholders.
