境外股东持股对大股东利益侵占约束——基于中国上市公司的经验证据

Research on Restraints of Foreign Shareholders on Large Shareholder Expropriation——Evidence Based on Chinese Listed Companies

依据2006～2011年沪深两市上市公司数据，考量不同类型的外资持股对中国上市公司大股东侵占的约束影响。结果表明，外资持股未能有效制约大股东侵占行为，不同性质的境外投资者对抑制大股东侵占的作用存在差异。QFII能够一定程度上抑制大股东对小股东利益的侵占，而银行、保险和证券公司持股均不能对上市公司大股东侵占形成有效监督和制约，不仅未减轻大股东对小股东的利益侵占，反而加重了上市公司大股东和中小股东的利益冲突。

Based on data of listed companies through 2006-2011 of Shanghai and Shenzhen Stock markets, this study empirically examines the restraining effect on the controlling share holders of listed companies in China by different types of foreign shareholders. We find that foreign shareholders on the whole cannot effectively restrain the expropriation of large shareholders, and different types of foreign shareholders have significantly different effects on the restraint of controlling shareholders expropriation. QFII can inhibit the expropriation of controlling shareholders to some extent, while shareholders of foreign banks, insurance companies and securities companies have no significant influence on controlling shareholders expropriation, which can not supervise and restrain the controlling shareholders of listed companies, and sometimes even weaken the conflicts between the controlling shareholders and the minor shareholders of listed companies. The restraining effect of foreign shareholders in the private enterprises is greater than that in state owned enterprises.