我国上市公司大股东掏空行为及其治理对策

On Substantial Shareholder' s Tunneling Behavior and Countermeasure in China's Listed Company

股权分置改革后,大股东对中小股东的掏空行为仍然存在。本文分析了大股东掏空行为的实现方式及其对我国资本市场产生的影响;并从加强中小股东保护的视角提出在新形势下的相关监管对策,即构建均衡型的公司内部治理机制和加强法律与市场相结合的外部宏观监管,以求促进资本市场的健康有序发展。

After the reform of the non - tradable shares, the substantial shareholders＇ tunneling nority shareholders still exists. The paper analyses the methods of the tunneling behavior and its capital market. Meanwhile, the paper puts forward relevant regulatory measures from the perspec protection of the minority shareholders, which is constructing the balanced inner mechanism in ning the combination of law and market external macro mechanism to make the capital market d behavior against the mi- effects to our country＇s tive of strengthening the company and strengthe- evelop healthily.