掏空、支持与上市公司经营业绩关系研究

A Study of the Relationship between Big Shareholder′s Tunneling & Propping Listed Companies and their Business Performance

以1998-2003年的非金融类上市公司为样本,以大股东占款为研究对象,检验了我国上市公司大股东掏空与支持行为对上市公司经营业绩的影响,研究发现大股东的掏空行为对上市公司的经营业绩具有显著的降低作用,大股东的支持行为对上市公司以会计指标表示的经营业绩具有显著的提高作用,但对以市场指标表示的经营业绩的提高作用不显著,大股东占款程度与上市公司业绩具有显著的负线性关系。

This paper studies the characteristics of big shareholder＇s tunneling listed companies by sampling the data of the capital tied up and used by big shareholders from 1998 to 2003 in Chinese A share stock market, These big shareholders can be grouped into three categories, one is to support, the other is to expropriate, the third has nothing to do with their firms in capital, They are found there are distinct disparities among their business performances, The result shows that the tunneling of big shareholders obviously sets back the business performance in both accounting and market, the propping of big shareholders only distinctly enhances the business performance in accounting, but their performance in market is not obviously improved.