上市公司大股东“掏空”行为与信息披露监管

On "Hollowed out" Behavior of the Major Shareholders In Listed Company and Regulation of Information Disclosure

上市公司大股东(或控股股东)与中小股东之间的利益冲突已成为公司治理中的第二类代理问题。大股东凭借其实际控制权"掏空"上市公司,损害中小股东的利益。本文在相关学者"掏空"行为方式研究的基础上,通过对已披露的上市公司"掏空"行为方式的研究,发现、总结"掏空"行为信息披露的特征,并以信息披露的及时性、完整性和真实性为准绳,提出通过事前披露、强化证劵交易所的监管作用、完善民事赔偿制度、建立信息披露评级制度以及诚信文化建设等进一步规范上市公司信息披露制度,强化上市公司信息披露监管,以有效制约大股东的"掏空"行为。

The interest conflict between the major shareholders of listed companies and minority shareholders has become a second class of agency problems in corporation. Major shareholders use power to hollow out listed companies and harm the interests of minority shareholders. Based on related ＂hollowed out＂ behavior research, the paper analyses the disclo- sure of listed companies ＂hollowed out＂ behavior and summarizes the characteristics of ＂hollowed out＂ behavior informa- tion disclosure and use information disclosure timely, integrity and authenticity as criterion, proposes the prior disclosure strengthening the regulatory role of the securities exchange, improving the civil compensation system, establishing a rat- ing system of information disclosure and construction of ethical cuhure. It can further standardize the information disclo- sure system in listed companies and strengthen the listed company information disclosure regulation to effectively control major shareholders＇ ＂hollowed out＂ behavior