控股股东增持、减持与资金占用——基于2009-2011年中国A股上市公司的研究

Controlling Shareholders'Shareholding Increasing,Decreasing and Embezzlement of Funds:A Research Based on Chinese A-share Listed Companies from 2009-2011

控股股东增持直接产生资金需求,控股股东减持可间接反映其资金短缺状况,这为研究控股股东在资金饥渴状态下是否占用上市公司资金提供了研究契机。本文以2009～2011三年A股上市公司为样本,实证研究发现:控股股东增持或减持的比例越大,上市公司资金被占用的比例也越大;当第二到第五大股东持股比例之和超过控股股东持股比例时,资金被占用的比例显著下降,而且控股股东增持或减持也不再伴有明显公司资金被占用现象。

Controlling shareholder＇s shareholding increasing directly gives rise to the money demand, and controlling shareholder＇s shareholding reducing indirectly reflects shareholder＇s money shortage. These give us a chance to research on whether controlling shareholders embezzle the funds of listed company when they are in the most insatiable hunger for funds. Using a sample of Chinese A-share listed companies from 2009 to 2011, we found that： the higher the controlling shareholder＇s shareholding increased or reduced, the more proportion the funds of the companies were embezzled. We also found that when the sum of the second to the fifth large shareholders＇ shareholding is larger than that of the controlling shareholder, the proportion of funds been embezzled drops down significantly; moreover, controlling shareholders no longer embezzle of funds if their shareholding increased or reduced.