我国上市公司控股股东利益输送研究述评

A Review on the Studies of Holding Shareholder's Interest Transmission in Chinese Listed Companies

控股股东和中小股东间的利益博弈显示,显失公平的控股股东的利益输送行为在我国普遍存在。控股股东主要通过IPO、再融资、投资、经营和股利分配等途径进行利益输送,控股股东利益输送的方式和程度受到政治、经济、法律与历史文化等众多因素的影响。利益输送行为与控股股东内部市场密切相关,政治关系和地方金融生态对其都有重要影响,媒体监督难以遏制此行为,针对于中小股东的法律救济手段亦难以施展。需要借鉴发达国家市场的先进经验,从市场环境、公司治理、政府监管、司法救济等方面综合治理控股股东利益输送。

The game between holding shareholder and small shareholder of listed company show that there is a lot of unfair interest transmission, or the holding shareholders transmitting interest in the process of IPO, refinancing, investment, management and dividend distribution. The way and intensity of holding shareholder＇s interest transmission is deeply influenced by political, economic, legal, historical, cultural, and many other factors. Interest transmission is closely related to the holding shareholder＇s internal market. Political relation and local and financial ecotype have important influence on it. Media supervision or judicial relief can do little in curbing interest transmission. It is therefore necessary to learn from the advanced experience of the developed market, and stop the holding shareholder＇s interest transmission from the market environment, corporate governance, government supervision, judicial relief and other ways.