“国进民退”视角下大股东“掏空”问题分析

The Research of Large Shareholders' "Tunneling" Behavior under the Situation of "the State advances as the private sector retreats"

上市公司大股东利用控制权的优势,侵害中小投资者权益的行为与其所处市场环境有密切关系。本文以我国改革开放以后的市场化进程的变化为研究视角,讨论分析了在2008年的"国进民退"现象前后,上市公司中的大股东的"掏空"行为的变化及其影响变化的因素。经实证分析后,我们得出的结论为市场化改革的程度对治理大股东"掏空"是有显著作用的。

Thebehavior of major shareholders of listed companies invading the rights and interests of small and medium - sized investors by the advantages of control is closely related to its marketing environment. From the per- spective of property ownership, this paper studies the relationship between state - owned enterprises of the listed companies and big shareholder ＂Tunneling＂ after 2008~ ＂the State advances as the private sector retreats＂ phenom- enon. The conclusion will be available for the development of Chinas capital market, as well as for our country current multi -ownerships economic development.