CAJ | 학술논문

本文以全流通背景下2009年中国制造业上市公司为样本,从实际控制人性质、第一层次所有权与控制权分离度、第二层次所有权与控制权分离度,以及金字塔层级角度,对实际控制人侵占上市公司资源的隧道行为进行实证检验。研究表明,控制权与所有权第一和第二层次的分离度越高,实际控制人越倾向于实施侵占上市公司资源的隧道行为;第一层次分离度对国有和民营性质的实际控制人隧道行为的影响大致相同,但第二层次分离度对民营性质的实际控制人隧道行为的影响较大。此外,民营性质的实际控制人的金字塔层级越多,其侵占上市公司资源的可性能越大。基于实证检验,本文还提出了防范和监管实际控制人隧道行为的建议。
본문이전류통배경하2009년중국제조업상시공사위양본,종실제공제인성질、제일층차소유권여공제권분리도、제이층차소유권여공제권분리도,이급금자탑층급각도,대실제공제인침점상시공사자원적수도행위진행실증검험。연구표명,공제권여소유권제일화제이층차적분리도월고,실제공제인월경향우실시침점상시공사자원적수도행위;제일층차분리도대국유화민영성질적실제공제인수도행위적영향대치상동,단제이층차분리도대민영성질적실제공제인수도행위적영향교대。차외,민영성질적실제공제인적금자탑층급월다,기침점상시공사자원적가성능월대。기우실증검험,본문환제출료방범화감관실제공제인수도행위적건의。
Based on the background of fully circulating the China listed companies in 2009 and having selected samples from the manufacture industry, the paper focuses on the tunneling and it＇ s effect caused by the nature of the actual controller, the first and the second separation level of owner- ship and control, the pyramid control layers of the actual controller. The research results show that incentive effect of the ownership of the actual control is existing, and reducing the separating degree of two rights can help to curb the tunneling of the actual controller invasion on the assets of listed companies, the tunneling effects of the first separating level on state-owned and private-owned listed companies are almost the same and those of the second separating level are different. In addition, the tunneling of actual control in private-owned companies depends on their pyramid control layers, more layers more tunneling. The paper also provides recommendations for preventing and regulating the tunneling behavior of actual controllers.