大股东资产注入对公短期市绩效影响的实证研究cw033王娅婷大股东资产注入对公短期市场绩效影响的实证研究cw033王娅婷.docx

摘要 大股东资产注入成为2005年股改，我国资本市场进入全流通时代后的一个热门话题。1997年亚洲金融危机后，中外学者对大股东资产注入对公司绩效的影响作了进一步研究。在面对公司运营良好的上市公司，大股东倾向于注入劣质资产和关联交易来侵害中小股东权益和掠夺公司财富，而在公司运营出现危机的特定区间内，大股东倾向于向公司注入优质资产从而给予一定的支持。“支持”与“掏空”并不相互矛盾。本文首先解释了“支持”、“掏空”以及关联交易，运用这些理论，和我国分为国有上市公司和民营上市公司情况下一股独大下的资本注入现状与动机，分别通过解释大股东资产注入与关联交易，关联交易与公司绩效的关系，大股东资产注入与股权集中度，股权集中度与上市公司绩效的关系提出我国上市公司大股东资产注入与公司绩效的四个假设，并且通过实证分析得出研究结论，给出政策建议，指出研究不足。 英文摘要 Largest shareholder assets into the stock reform in 2005, Chinas capital market into a hot topic after the circulation times. After the 1997 Asian financial crisis, the Chinese and foreign scholars made ??a further study of the impact of the major shareholders of assets into the companys performance. In the face of a well-run company, listed companies, major shareholders tend to inject low-quality assets and related transactions to harm the interests of minority shareholders and predatory corporate wealth, specific interval in the crisis of the Companys operations, major shareholders tend to inject quality assets to the company so as to give some support. Support and hollowed out do not contradict each other.This article first explains the support, hollowed out as well as the related party transactions, the use of these theories, and due to the dominance of the capital under the circumstances of our country is divided into state-owned listed companies and private listed companies injected into the status quo and motivation, respectively, by explaining the major shareholdersinjection of assets and related party transactions, related party transactions and the relationship of the companys performance, the concentration of assets into the shareholding of the largest shareholder, the relationship between ownership concentration and the performance of listed companies raised four major shareholders of listed companies in China of assets into the company performance assumptions and byempirical analysis of the research findings, policy recommendations, noting that a lack of research.  0引言 (一) 研