实际控制人的利益侵占行为对企业价值的影响——以通化金马为例

The Influence of the Actual Controller’s Encroachment on Enterprise Value——Taking Tonghua Jinma as an Example

本文选择以通化金马为例进行案例研究,通过分析最终控制人利用复杂的股权操控上市公司、对上市公司进行股权质押、高溢价并购以及非经营性资金占用等利益侵占行为,探究出实际控制人利益侵占行为背后的成因,剖析利益侵占行为对企业价值的影响,并在此基础上提出抑制和防范实际控制人利益侵占行为的建议,以期保护中小投资者的利益、促进企业高质量发展与维护资本市场秩序提供参考。

This paper chooses Tonghua Jinma as an example to conduct a case study,and explores the actual controller by analyzing the interests and misappropriation behaviors of the ultimate controller,such as the use of complex equity to manipulate listed companies,equity pledge of listed companies,high-premium mergers and acquisitions,and non-operating capital occupation.The reasons behind the misappropriation of interests,analyze the impact of misappropriation of interests on the value of the enterprise,and on this basis,put forward suggestions to restrain and prevent the misappropriation of interests by the actual controller,in order to protect the interests of small and medium investors,and promote the high-quality development and maintenance of enterprises The capital market order provides a reference.