终极股东控制、债务资金占用与债权人利益保护

Ultimate Controlling Shareholder, Capital Occupation and Creditor Benefit Protection

资金占用是终极股东侵害民营上市公司利益的主要形式之一,笔者以2006-2012年我国民营上市公司1 413个观测值为样本,对终极股东究竟侵占哪类债权人提供的债务资金进行了实证研究。结果发现,银行有息负债与资金占用显著正相关,非银行有息负债(公司债)与资金占用不相关。进一步对商业信用与资金占用关系进行了研究,发现二者不存在显著相关性。这表明在我国终极股东及其关联方主要侵占了民营上市公司的银行债权人利益。研究认为,改善我国民营企业金融生态环境不仅需要银行业等金融机构进行单方面的金融创新,更需要我国民营企业不断提高公司治理水平,保护银行业等金融机构债权人的利益,并与之形成良性互动。

The capital occupation is one of the main ways that the interests of private listed companies（PLC） deprived by the ultimate shareholders.The present work was to study whose debt capital was embezzled by the ultimate shareholders based on the observed values of 1413 samples of the PLC from 2006-2012 in China.The results showed that bank interest-bearing liabilities and capital occupied had a significant positive correlation,non-bank interest-bearing liabilities（bonds）and the funds used were not relevant.In addition,the relationship of commercial credit and capital occupation was investigated and found that there was no significant correlation.This reveals that the ultimate shareholders and related parties mainly embezzled the interests of bank creditor from the PLC in our country.The studies suggested that to improve the financial environment of the private enterprises,it depends not only on the financial innovation from bank and other financial institutions,but also need to continuously improve the level of corporate governance by the private enterprises.Moreover,it is a good way to protect the interests of creditors for bank and other financial institutions and to generate information interaction.