摘要
本文对上市公司控股股东通过非公平关联交易对中小股东的利益侵占问题进行了实证研究。文章通过股权结构特征与关联交易量、公司绩效的关系进行实证研究，发现股权集中型国有控股公司的关联交易量要明显多于法人控股型公司和股权分散型公司，而其绩效却明显低于法人控股型公司和股权分散型公司。因此非公平关联交易严重影响了公司绩效和侵占了中小股东的利益。
This paper studies empirically the problem about small shareholders＇ profit misappropriated by controlling shareholder of listed companies with unfair related transactions in China. Based on empirical studies of the relationship between stock ownership structure characters, firm＇s performance and related transaction, it finds that the amount of related transactions of the stock-concentrated state-controlling companies are more than that of the corporation-controlling and stock-dispersed companies, but the former companies＇ performance is lower than that of the later ones. Therefore, unfair related transaction severely affects firms＇ performance and seizes small shareholders＇ profit.
关键词
股权结构
公司治理
控股股东
非公平关联交易
stock ownership structure
corporate governance
controlling shareholder
unfair related transaction
