境内外交叉上市能限制大股东资金占用吗——基于我国上市公司的实证证据

Listed company in and outside China should liminted capital being used by large shareholder——demonstrative evidence basing on China listed company

长期以来,大股东资金占用问题在我国资本市场一直难以根除。对此,本文以大股东非经营性资金占用清欠为背景,从一个全新的视角——境内外交叉上市进行研究。实证分析发现:我国交叉上市公司大股东较少占用上市公司资金,表明交叉上市公司较能保护小股东的利益,从而说明交叉上市有助于限制大股东资金占用。

It has been hard to ultimately solve the issue of asset appropriation by controlling shareholders in Chinese capital market for a long time. Accordingly, based on the background of the reimbursement of non-operational asset appropriation by controlling shareholders, this paper analyses this issue from a new angle of view--cross-listing. The empirical analysis finds that the controlling shareholders of cross-listed Chinese companies less appropriate the assets, showing that cross-listed companies can better protect the minority shareholders, and that cross-listing can constrain the controlling shareholders to appropriate the assets of the companies.