股权结构、社会资本控制与控股股东掏空

Equity Structure, Social Capital Control and the Controlling Shareholders' Tunneling

以东盛科技为例,采用案例分析的方法,研究上市公司的股权结构、社会资本控制及其对控股股东掏空行为的影响。研究表明,东盛科技的控股股东以股权控制为基础,利用社会资本强化对上市公司的控制,采用资金占用、重大资产重组、贷款担保等方式掏空上市公司,给中小股东带来了巨大的利益损失。社会资本在控股股东掏空上市公司的行为过程中发挥了重要作用,对控股股东掏空行为的研究和治理必须重视社会资本因素的影响。

This paper studies the relationship between the equity structure,social capital control and the controlling shareholders tunneling behavior base on the case of Dongsheng technology . Through the case , we found that the controlling shareholders would make use of their social capital to strengthen their control on the basis of equity control ,and tunnel the listed company by capital occupation,Assets reorganization and loan guarantees. Social capital has played an important role in the process of the controlling shareholders tunneling. It is very important to take social capital into consideration when we study the controlling shareholders tunneling .