控制权、利益掏空与现金流的转移——基于上市公司异常经营现金流的研究

The Domination Right, Tunneling and Transfer the Cash Flows——Based on abnormal cash flows from operating of the listed companies

本文通过对控股股东各利益掏空行为的分析,发现他们均以现金流转移为最终目的;并采用异常经营现金流来衡量控股股东的现金流转移。通过经验证据的检验发现:大股东的控制权、大股东是否为国有股股东与控股股东现金流转移之间存在显著的正向关系;第二大股东对控股股东的制衡效果显著;但第二大股东是否为机构投资者、独立董事、第三大股东的制衡效果不显著;企业的正常经营业绩越好,控股股东越倾向于现金流转移,随之而来的是企业业绩和企业价值的下降。最后,运用控制权收益与超控制权收益对结果进行了分析和讨论。

This article found the ultimate purpose of the domination stockholder is transfer the cash flows; applying the abnormal cash flows from the operating weighing the transfer the cash flows; experiential analyses indicated the relations between the domination right, whether the larger stockholders were state-owned and the transfer the cash flows is prominent positive; the relation between the second larger shareholders and transfer the cash flows is prominent negative; But whether the second larger stockholders were institution investors, the number of independence directors, the third larger shareholders didn’t effect transfer the cash flows remarkable; In the analysis also discovered the normal operating achievement of the enterprises were better, the domination stockholders more favors to transfer the cash flows, while the enterprise achievements and the enterprise values drop down at the same time; Finally, has carried on the analysis and discussion to the result using the domination incomes and the ultra domination incomes.