关联交易下的控股股东支持行为与公司治理

Propping behavior of controlling shareholders and corporate governance under related party transactions

选取2008年的上市公司作为研究样本,运用多元回归分析方法,考察股权分置改革后控股股东与上市公司所进行的关联交易是否属于支持行为,并研究此支持行为与公司治理之间的关系。实证结果表明,运用关联交易对上市公司进行支持可以提高上市公司的经营绩效,控股股东的支持行为与第一大股东持股比例、独立董事比例、股权制衡均呈正相关关系。

The listed companies in 2008 are selected as research samples and the multiple regression analysis method is applied to investigate whether the related party transaction of listed companies is propping behavior of controlling shareholders after share splitting reform, and the relationship between the propping behavior and corporate governance. The results of empirical study show that the operating performance can be improved by related party transaction to prop listed companies, and the propping behavior of controlling shareholders positively correlated with the first shareholder＇s shareholding proportion, the independent director proportion, and the balance and check policy of shareholders.