外部环境、内部制度与控股股东支持行为

External Environment,Internal Institutions and Propping of Controlling Shareholder

控股股东支持是与掏空相反的一种利益输送行为,表现为控股股东用私人资源或其控制的资源支持处于困境中的上市公司。基于对近期文献的回顾与梳理,从外部环境、内部制度与支持方式三个角度研究控股股东支持行为。发现控股股东通常是在弱法律保护环境与中度经济冲击的背景下利用企业集团内部资本市场对其控制的上市公司进行包括负债、关联交易等在内的各种方式的利益输送。

Contrary to tunneling,propping is done by the controlling shareholder in order to revive the firm.Based on the recent literature review,propping is researched in the paper from three aspects such as external environment,internal institutions and propping methods.It is found that under the background of the weak legal protection and moderate adverse economic shock,the controlling shareholders usually take advantage of the internal capital market in business group to prop up their affiliated firms by the way of getting into debt or related transaction.