不同性质控股股东“掏空”方式选择研究

Variation of Controlling Shareholders' Tunneling Manners with Different Property Rights

把控股股东按照不同的终极产权性质分为非国有控股和国有控股两类,其中国有控股又包括中央国有控股、省级国有控股和市县级国有控股,以此来研究不同类型控股股东对上市公司三种"掏空"方式(关联交易型、资金占用型和现金股利型)的选择偏好。研究发现,国有控股股东偏好于选择关联交易型"掏空"方式,政府层级越高的国有控股股东越编好于选择关联交易型"掏空"方式,市县级国有控股股东和非国有控股股东偏好于选择资金占用来"掏空"上市公司,并且国有控股股东与非国有控股股东对现金股利型"掏空"方式的选择偏好没有表现出显著差异。

This paper analyzes the variation among controlling shareholders＇ tunneling manners bases on their different ultimate property rights. According to the ultimate property rights, the authors classify the controlling shareholders as two categories, state - owned and non - state - owned. There are also three sub - categories in the category of state - owned controlling shareholders, which are central - level, province - level and city - level state - owned. The authors define three types of tunneling manners, which are related party transactions, fund appropri- ations and dividends. The authors find related party transactions are popular with state - owned controlling shareholders, city - level state - owned and non - state - owned controlling shareholders are more likely to choose fund appropriations as their tunneling manner. There is no significant difference between state - owned controlling shareholders and non- state- owned controlling shareholders in the manner of dividends.