南方金融
南方金融
남방금융
South China Finance
2011年
7期
54~57
,共null页
公司治理 上市方式 家族企业 资金占用
公司治理 上市方式 傢族企業 資金佔用
공사치리 상시방식 가족기업 자금점용
Corporate Governance; The Approaches of Listing; Family Enterprises; Fund Occupation
本文以资金占用衡量利益侵占,以家族上市公司为研究对象,通过结合我国证券市场的发展背景,将家族上市公司按照上市方式划分为直接上市和间接上市两种类型,研究家族企业上市方式与家族控股股东利益侵占的关系。实证研究表明,相比通过IPO直接上市的公司,以间接方式上市的家族企业控股股东资金占用程度更高。本文认为,上市方式差异的根源在于其监管政策的不同,导致盈余信息质量的下降,因此,有必要在政策层面加强对间接上市企业的监管,从源头上降低控股股东的资金占用动机。
本文以資金佔用衡量利益侵佔,以傢族上市公司為研究對象,通過結閤我國證券市場的髮展揹景,將傢族上市公司按照上市方式劃分為直接上市和間接上市兩種類型,研究傢族企業上市方式與傢族控股股東利益侵佔的關繫。實證研究錶明,相比通過IPO直接上市的公司,以間接方式上市的傢族企業控股股東資金佔用程度更高。本文認為,上市方式差異的根源在于其鑑管政策的不同,導緻盈餘信息質量的下降,因此,有必要在政策層麵加彊對間接上市企業的鑑管,從源頭上降低控股股東的資金佔用動機。
본문이자금점용형량이익침점,이가족상시공사위연구대상,통과결합아국증권시장적발전배경,장가족상시공사안조상시방식화분위직접상시화간접상시량충류형,연구가족기업상시방식여가족공고고동이익침점적관계。실증연구표명,상비통과IPO직접상시적공사,이간접방식상시적가족기업공고고동자금점용정도경고。본문인위,상시방식차이적근원재우기감관정책적불동,도치영여신식질량적하강,인차,유필요재정책층면가강대간접상시기업적감관,종원두상강저공고고동적자금점용동궤。
In this paper,with the interest expropriation measured by fund occupations,to study family listed companies in the view of the development of the Chinese security markets,we divide family listed companies into two different types,that is,direct listed companies and indirect listed companies,and try to reveal the relationship between the approaches of listing and the fund occupation of family controlling shareholders.Our empirical study shows that compared to direct listed companies through IPO,the controlling shareholders of family enterprises have occupied more funds.As a conclusion,we think that the differences between the approaches of listing arise from the regulation rules which have lowered the quality of profits information.Therefore,it is necessary to reinforce the regulation on indirect listed companies so as to reduce the motivation of fund occupation from where the problem arises.
