控股股东、公司治理与关联交易——基于上市公司的经验数据

Connected transaction,Corporate governance and the controlling shareholders——Based on the experience of the data listed company

为了分析控股股东是否通过关联交易掠夺中小股东利益,文章通过建立多元回归模型,运用我国上市公司2010～2011年的数据分析与控股股东有关的因素对关联交易的影响效应进行分析,结果表明:有控股股东的公司,其关联交易显著高于无控股股东控制的公司;关联交易的数量和程度与控股股东持股比例成"∩"型关系;此外,其他股东对控股股东的制衡度越高,发生关联交易的可能性越低、金额越小;独立董事在董事中的比例越高,关联交易的可能性越低。

To analyze whether the controlling shareholders rob minority stake by connected transaction, This paper establishes multivariate regression model and analyze which could affect connected transaction assosiciated with the controlling shareholder by using 2010-2011 data. Empirical evidence shows that companies controlled by the controlling shareholders may conduct connected transaction significantly higher than others and the amount and proportion of connected transaction is ＂ ∩ ＂ type to the controlling shareholders;In addition, if other stockholders have the controlling to the corporate and independent directors is in higher ratio, the possibility of relevant transactions becoming lower.