本文選題：外資大額持股　切入點(diǎn)：公司治理　出處：《暨南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自我國資本市場有限度對(duì)外開放以來，外資通過多種途徑進(jìn)入我國資本市場，，并不同程度的持股我國上市公司。當(dāng)外資持股比例達(dá)到5%以上時(shí)，會(huì)對(duì)上市公司的治理結(jié)構(gòu)產(chǎn)生影響。由于控股股東侵占問題一直是我國上市公司治理的頑疾，因此開放背景下探討外資大額持股能否有效抑制控股股東侵占，具有重要的理論意義和實(shí)踐意義。 本文在外資大額持股與控股股東侵占的理論分析基礎(chǔ)上，根據(jù)收集到的2006-2011年間我國上市公司中外資大額持股的數(shù)據(jù)按比例分組，分別測度外資大額持股比例與控股股東侵占度之間的關(guān)系，通過回歸分析與穩(wěn)健性檢驗(yàn)，得出了本文的研究結(jié)論：（1）當(dāng)外資大額持股比例在5%-20%之間時(shí)，外資大額持股能夠顯著降低控股股東侵占度，但當(dāng)持股比例在20%-30%之間時(shí)，外資大股東與控股股東出現(xiàn)了一定程度的利益協(xié)同，特別是當(dāng)外資大額持股比例達(dá)到30%以上時(shí)，外資大股東會(huì)與控股股東進(jìn)行合謀，侵占中小股東的利益。（2）大的外資金融機(jī)構(gòu)持股能夠有效抑制控股股東侵占。（3）外資大額持股不能有效抑制國有控股股東侵占。為此，本文提出了優(yōu)化股權(quán)結(jié)構(gòu)，提高外資金融機(jī)構(gòu)持股比例，加強(qiáng)法律約束，從而降低控股股東侵占度的建議。
[Abstract]:Since the limited opening of China's capital market to the outside world, foreign investment has entered China's capital market through a variety of channels, holding different shares of listed companies in China to the same extent. When the proportion of foreign capital holdings reaches more than 5%, The governance structure of listed companies will be affected. Since the problem of controlling shareholder encroachment has always been a persistent problem in the governance of listed companies in China, this paper discusses whether large foreign ownership can effectively restrain the occupation of controlling shareholders under the background of opening up. It has important theoretical and practical significance. Based on the theoretical analysis of large foreign ownership and controlling shareholder usurpation, this paper is divided into three groups according to the data collected from 2006 to 2011. This paper measures the relationship between the proportion of large foreign ownership and the degree of occupation of controlling shareholders respectively. By means of regression analysis and robustness test, we draw the conclusion of this paper: 1) when the proportion of large foreign ownership is between 5% and 20%, we find that the proportion of large foreign ownership is between 5% and 20%. However, when the proportion of foreign ownership is between 20% and 30%, there is a certain degree of benefit synergy between foreign large shareholders and controlling shareholders, especially when the proportion of large foreign ownership is more than 30%. The large foreign shareholders' meeting conspires with the controlling shareholders to encroach on the interests of the minority shareholders. 2) the large foreign capital financial institutions holding shares can effectively restrain the controlling shareholders from usurping. 3) the large foreign capital holdings cannot effectively restrain the state controlling shareholders' encroachment. This paper proposes to optimize the ownership structure, increase the proportion of foreign financial institutions holding shares, strengthen the legal constraints, and thus reduce the degree of occupation by controlling shareholders.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F271;F832.5

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