中國上市公司實際控制人掏空與支持實證分析——來自機械設備儀表行業(yè)的經(jīng)驗證據(jù).pdf

1、復旦大學碩士學位論文中國上市公司實際控制人掏空與支持實證分析來自機械設備儀表行業(yè)的經(jīng)驗證據(jù)姓名：肖冰申請學位級別：碩士專業(yè)：金融學指導教師：陳建安20080420中國上市公司實際控制人掏空與支持實證分析AbstractTobetterexplainthefinancingbehavioroflistedcompaniesinChinastockmarket，thispaperputstogether”tunneling”and’’pro

2、pping”activitiesundersurveyBasedonthemulti—perioddynamicmodelofFriedman(2003)，wetrytofigureouttheintrinsicdesicion—makingmechanismofactualcontrollersoflistedcompanies，thatis，whyandwhenwillactualcontrollerstunnelSOllrC七ou

3、tofthefirmorpropuptheirfirmsBasedonthat，accordingtospecificsituationinChinastockmarket，thepaperprovidesempiricalevidenceofthemodelconclusion，andcompareswhetherthosefactorsinfluencing’’tunneling”behavioraffect”propping”ac

4、tivitysymmetricallyEssentially”tunneling”and”propping”areinteresttransferringactionsofdifferentdirectionsthatactualcontrollerstaketomaximizetheirmultiperiodrevenueWithweakinvestorprotection，theseperationofownershipandcon

5、trolmotivatesactualcontrollertotunnelresourcesoutoffirmsInordertomaintaintheirprivilegeoftunnelinginthefuture，undersomecircumstances，actualcontrollersmaypropupfirmsusingtheirownprivateresourcesHoweverifthefirmistooterrib

6、letoberallied，actualcontrollermaylootthefirmandletitcollapseEmpiricalevidenceshowsthat”tunneling”and“propping”areactuallynotsymmetricWhenthereturnofcapitalofpublicallytradedfirmislowertheopportunitycostof”tunneling”islow

7、eraccordinglywhichencourages”tunnelling”Howeverwhenactualcontrollerdecidestopropupthefirm，asthereturnofcapitalishjghertheextentofproppingbecomesmuchmoremodestAsthegapbetweenownershipandcontrolgoeslarger”tunneling”getswor

8、seThiskindofrelationdoesnotholdinthecaseof”proppingWeakinvestorprotectionmotivates”tunneling”，whereasbetterlegalinstitutionencourgesactualcontrollertopropupthefirmSOastoattractinvestment”Tunneling”isnegativelylinkedwithd

9、ebt，whichhasnothingtodowith”propping”thou#，accordingtoempiricaltestThereisnoempiricalevidencetoshowwhohaslargermotivationtotunnelsourceoutoffirms，stateownedcompaniesorprivateones，astheyfacedifferentinstitutionalbackgroun

10、dsandbusinessconditionsTheintrinsicreasonof”tunneling”isnotDualClassequitystructure，butseperationofownershipandcontr01Therefore，Dual—ClassequitystructurereformcannoterasetunnelingproblemonitsownThekeytorestrainactualcont