控股股东“掏空”行为影响因素的实证研究被引量：6

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摘要以我国发生关联方并购重组交易的上市公司为样本,实证分析了控股股东"掏空"行为的影响因素。研究发现,公司第一大股东较高的持股比例和负债均与控股股东的"掏空"行为负相关,二者可在一定程度上减少控股股东的"掏空"行为;公司的盈利能力、发展能力和自由现金流量均与控股股东的"掏空"行为正相关,说明了控股股东"掏空"行为存在的普遍性。研究还表明,上市公司的上市年限越长,发生控股股东"掏空"行为的可能性越小;资产规模大的公司和ST/PT公司更容易遭到其控股股东的"掏空"。

作者李婉丽郭天文

机构地区西安交通大学管理学院中国银行陕西省分行授信执行部

出处《开发研究》 CSSCI 2007年第5期110-113,共4页 Research On Development

基金国家自然科学基金项目(70572040)的阶段性成果之一

关键词控股股东掏空并购

分类号 F832.5 [经济管理—金融学]

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参考文献14

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