CAJ | 학술논문

控股股东增持直接产生资金需求，控股股东减持可间接反映其资金短缺状况，这为研究控股股东在资金饥渴状态下是否占用上市公司资金提供了研究契机。本文以2009～2011三年A股上市公司为样本，实证研究发现：控股股东增持或减持的比例越大，上市公司资金被占用的比例也越大；当第二到第五大股东持股比例之和超过控股股东持股比例时，资金被占用的比例显著下降，而且控股股东增持或减持也不再伴有明显公司资金被占用现象。
공고고동증지직접산생자금수구，공고고동감지가간접반영기자금단결상황，저위연구공고고동재자금기갈상태하시부점용상시공사자금제공료연구계궤。본문이2009～2011삼년A고상시공사위양본，실증연구발현：공고고동증지혹감지적비례월대，상시공사자금피점용적비례야월대；당제이도제오대고동지고비례지화초과공고고동지고비례시，자금피점용적비례현저하강，이차공고고동증지혹감지야불재반유명현공사자금피점용현상。
Controlling shareholder＇s shareholding increasing directly gives rise to the money demand, and controlling shareholder＇s shareholding reducing indirectly reflects shareholder＇s money shortage. These give us a chance to research on whether controlling shareholders embezzle the funds of listed company when they are in the most insatiable hunger for funds. Using a sample of Chinese A-share listed companies from 2009 to 2011, we found that： the higher the controlling shareholder＇s shareholding increased or reduced, the more proportion the funds of the companies were embezzled. We also found that when the sum of the second to the fifth large shareholders＇ shareholding is larger than that of the controlling shareholder, the proportion of funds been embezzled drops down significantly; moreover, controlling shareholders no longer embezzle of funds if their shareholding increased or reduced.