【摘要】：我國的上市公司股權(quán)普遍集中，同時存在外部監(jiān)管機制薄弱、內(nèi)部公司治理結(jié)構(gòu)不完善等問題，使我國上市公司很容易出現(xiàn)控股股東以各種方式對公司的資金進行占用的行為，，嚴重損害了上市公司和中小股東的利益，同時也阻礙著中國資本市場的發(fā)展，因此防范上市大股東資金侵占的行為就具有十分重要的意義。 本文先通過總結(jié)國內(nèi)外相關(guān)研究，結(jié)合我國實際情況，選取證券市場上近期發(fā)生的亞星化學(xué)大股東違規(guī)占用上市公司資金的案例，具體分析了亞星化學(xué)案情的始末。在出口需求下降、生產(chǎn)原材料價格上漲、產(chǎn)能過剩及國家調(diào)控房地產(chǎn)行業(yè)政策的出臺等不利條件下，亞星化學(xué)控股股東亞星集團并沒有得到前期擴張帶來的回報，在資金極度匱乏的情況下，亞星集團通過非經(jīng)營性資金往來占款、違規(guī)擔(dān)保占款等多種方式前后共侵占了上市公司超過28億人民幣的資金，對中小股東、上市公司和資本市場產(chǎn)生了惡劣影響。對亞星化學(xué)大股東資金侵占行為的產(chǎn)生原因、方式和危害進行針對性的分析。提出我國大股東資金侵占行為屢禁不止的主要原因有高度的股權(quán)集中結(jié)構(gòu)、不完善的公司治理結(jié)構(gòu)、大股東違規(guī)成本過低、外部監(jiān)管力度不足、大股東與中小股東存在利益沖突等五個方面。目前我國上市公司大股東常通過非經(jīng)營性資金占款、關(guān)聯(lián)交易占款和擔(dān)保貸款等方式對其控股公司的資金進行侵占。大股東侵占上市公司資金的主要危害主要有：嚴重影響上市公司業(yè)績及聲譽、損害中小股東利益及信心、阻礙資本市場秩序和建設(shè)等。 最后提出防范大股東侵占上市公司資金的六項建議：第一，優(yōu)化上市公司的股權(quán)結(jié)構(gòu)；第二，完善上市公司治理結(jié)構(gòu)；第三，提高大股東的違規(guī)行為成本；第四，加強證券市場監(jiān)管力度；第五，積極拓寬企業(yè)的融資渠道；第六，強化中小投資者的維權(quán)意識。
[Abstract]:The stock rights of listed companies in our country are generally concentrated, at the same time, the external supervision mechanism is weak, the internal corporate governance structure is not perfect and so on. It is easy for the listed companies in our country to occupy the funds of the company by controlling shareholders in various ways. It seriously damages the interests of listed companies and minority shareholders, and also hinders the development of China's capital market. Therefore, it is of great significance to prevent the behavior of capital encroachment by listed large shareholders. This paper first summarizes the relevant studies at home and abroad, combined with the actual situation in China, selects the recent case of large shareholders in the securities market to occupy the funds of listed companies illegally, and analyzes the start and end of the case of Yaxing Chemical. Under such unfavorable conditions as falling export demand, rising prices of raw materials for production, overcapacity and the introduction of policies to regulate the real estate industry by the state, Yaxing Group, the controlling shareholder of Yaxing Chemical, has not received the return brought about by its earlier expansion. In the case of extreme lack of funds, the Asian Star Group has encroached on more than 2.8 billion yuan of funds of listed companies before and after non-operating capital transactions, illegal guarantee funds, etc., for small and medium shareholders. Listed companies and capital markets have had a bad impact. This paper analyzes the causes, methods and harms of the major shareholders' embezzlement behavior of Yaxing Chemical Co., Ltd. It is pointed out that the main reasons for the repeated encroachment of large shareholders are the high concentration structure of stock right, the imperfect corporate governance structure, the low cost of large shareholders violating the rules, and the insufficient external supervision. There are five aspects such as the conflict of interest between the major shareholder and the minority shareholder. At present, the majority shareholders of listed companies in China often encroach on the funds of their holding companies by means of non-operating funds, related party transactions and secured loans. The main harms of the large shareholders' encroachment on the capital of the listed company are as follows: seriously affecting the performance and reputation of the listed company, harming the interests and confidence of the minority shareholders, obstructing the order and construction of the capital market, and so on. Finally, six suggestions are put forward to prevent large shareholders from encroaching on the funds of listed companies: first, to optimize the ownership structure of listed companies; second, to improve the governance structure of listed companies; third, to increase the cost of major shareholders' illegal behavior; fourth, Strengthen the supervision of the securities market; fifth, actively broaden the financing channels of enterprises; sixth, strengthen the awareness of the rights of small and medium-sized investors.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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