上市公司配股与大股东占款研究外文文献翻译最新(2)

accounts receivable account, through the purchase and sale business, balance for large shareholders of listed companies performance for accounts receivable; Third performance for other receivables, such as large shareholders through other business Numbers are for large shareholders of listed companies debt subjects included in the other receivables. The fourth included in the advance payment, advance payment card for a long time. Accounts receivable due to enterprise credit, belong to liquid assets nature of creditor's rights, the content, is to sell goods, products or services customers to purchase or accept labor charge customers a variety of payment, including payment for goods (price, VAT, etc.), as well as for the packing cost and freight paid account, not including enterprise receivables worker arrears, the debtor interest receivable and other receivables, also does not include the of all kinds of enterprises pay the refundable deposit. Big shareholders using accounts receivable account record Numbers are many unfavorable factors. First of all, if there is no real marketing business, included in the accounts receivable will need a virtual business, this is both obvious and serious violation behavior. Second, the accounts receivable account is one of the auditor is very concerned about accounting subjects, the corresponding audit method is very mature, violation behavior is easy to expose. Finally, in the comprehensive performance evaluation of listed companies, accounts receivable turnover ratio is a very important assets operation ability index, recorded in the accounts receivable for a long time can't return the Numbers are large shareholders, can reduce turnover rate, reduce the index's score. Thus, generally will not be big shareholders of listed companies Numbers are included in the accounts receivable account. 译文

上市公司配股与大股东占款研究

Bindley C

摘要

在集中的股权结构中,由于大股东拥有控制权优势,往往诱生出大股东的机会主义行为。大股东常常为追求控制权的私人收益而转移公司资源,从而对中小股

东利益造成侵害。大股东通过隐蔽渠道侵占公司资源的行为被称为掏空行为(tunneling)。与此同时,研究发现,大股东并不总是掏空上市公司,有时也向上市公司输送资源(Friedman, 2009),这种反向的资源输送被称为支持行为(propping)。对上市公司提供支持并不是大股东的真正目的,大股东的短期付出是为了获取更多的长期利益。然而,现有文献只是证明了大股东掏空与支持行为的存在和手段,证明了法律制度环境和公司治理特征对大股东掏空与支持行为的影响,没有将大股东的掏空与支持两种行为结合起来分析,因此不能完整地解释大股东控制权收益实现的全部过程。

关键词: 财务约束; 股权质押; 大股东占款; 企业价值 1 引言

除美英等少数几个国家外，大部分国家的企业股权不是分散而是相当集中的。Davis 等 (1999)在分析了27个高收入国家的600多家大型上市公司的股权结构后发现，除英国和美国等国外，约有64%的大企业存在控股股东。Jonson (2012)对9个东亚国家和地区的2980家上市公司进行了分析，发现除了日本公司所有权相对集中外，其余东亚国家和地区中三分之二的公司都拥有单一控制性股东。股权集中有利于大股东监督经理层，减少代理成本，其他股东因此也能够从大股东的监督中得到利益。然而，由于大股东也是理性经济人，并且掌握着公司的实际控制权，他们的自利天性又可能会使其寻机掠夺公司的整体利益，因而伤害中小股东的利益。也就是说，大股东为了自己的利益，不仅可能没有起到监督经理层的作用，而且还极有可能运用其掌握的实际控制权寻机采用各种方式从中小股东那里掠夺财富。近年来各国关于公司治理的研究也表明，大股东与中小股东之间的利益冲突越来越严重，其中最突出的表现就是大股东“掏空”行为。 2 文献综述

近年来的许多研究发现,除美国和英国等少数几个国家外,世界上大部分国家的企业股权不是分散而是相当集中,上市公司一般都有大股东或控制性股东。大股东为了实现控制权的私人收益,通常将上市公司的资源转移到自己控制的企业中(Jonson等2000),从而导致对中小股东利益的侵害。大股东可能采取多种手段侵占上市公司资源,如通过上市公司担保取得贷款、股权稀释、关联交易、窃取公司的投资机会或者迫使公司投资于不能获利但却有利于控股股东的投资项目

百度搜索“77cn”或“免费范文网”即可找到本站免费阅读全部范文。收藏本站方便下次阅读，免费范文网，提供经典小说综合文库上市公司配股与大股东占款研究外文文献翻译最新(2)在线全文阅读。