摘要
什么样的企业更容易发生大股东支持现象?企业内部股权、盈利状况等特征会不会对大股东支持行为产生影响?本文以2002-2008年的上市公司关联交易数据为样本,研究发现,第一大股东持股比例较高和获得流通权的公司发生支持的概率较大;集团企业作为大股东会比非集团企业作为大股东发生更多的支持,而国有企业与民营企业之间的差别并不显著;企业当期盈利状况并不影响支持行为,但是过去两年连续亏损、面临"摘牌"风险的上市公司和过去两年连续盈利超过6%、具有潜在配股再融资资格的上市公司更可能获得支持,这在一定程度上符合支持的"制度性驱动"假说。
Which kind of enterprise is prone to have more propping from large shareholders？ Will the internal equity, earnings of enterprise affect the propping behavior？ In this paper, we use the transaction data of listed companies from the year 2002 to 2008 as a sample, and find that the companies with a higher proportion share of the largest shareholder and the fight of trading which obtain from the split share structure reform have more probability of propping; Group companies as large shareholders have more propping than non-group companies, and state-owned companies don＇t have significant difference; Current corporate profit doesn＇t affect propping acts, but a ＂delisting＂ risk companies with continuous losses over the past two years and companies which earn more than 6% profits and have the potential opportunity to refinance with right issues are more likely to receive propping, which to some extent is line with the ＂system-driven＂ hypothesis.
出处
《南方经济》
CSSCI
北大核心
2010年第11期34-46,共13页
South China Journal of Economics
关键词
关联交易
支持
掏空
Connected Transactions
Propping
Tunneling
