大股东占用资金行为的成因、后果及治理对策

The cause,consequence and countermeasure in the funds occupied by the big shareholder

作为转轨经济国家,高度集中的股权结构是我国上市公司的重要特征。集中的股权结构在一定程度上缓解了管理层与外部股东之间的代理问题,但伴随而来的是大股东利用控制权"掏空"上市公司,侵害中小股东利益。2006年以来,我国证券市场刮起了一场"清欠"风暴。在清欠过程中,边清边欠,年中占用,年末偿还等现象说明,一场清欠风暴并没从根本上制止大股东占用资金行为,大股东占用上市公司资金仍是我国公司治理中最为严重的问题之一。

As a transition economy countries, highly concentrated ownership structure is an important feature of China＇s listed compa- nies, concentrated ownership structure to a certain extent, ease of management and the agency problems between outside shareholders, but accompanied by the majority shareholder control over the use of ＂hollowing out＂ of listed company, against the small and medium shareholders. Since 2006, China＇s securities market whipped up a ＂debt settlement＂ storm, in the debt settlement process, sorting out the less; years of occupation explain such phenomena as the end of repayment, a debt settlement stop the storm did not fundamentally occupied by the majority shareholder of funds,Major shareholder capital is still occupied by a listed company corporate governance of China＇s most serious problems.