大股东资金占用影响因素地研究——来自金字塔结构下民营上市公司经验证据.pdfVIP

ABSTRACT Chinese listed shareholdersuse private companies’maiorgenerally the structuretomaintain pyramid contr01．The0f shareholding degree controlandcashnow is shareholderstakesthe ri曲t ri曲tlarge．Major up ofthe V撕ous a win capitalcomparlyby means，aS be洫 result，ente叩rises short of如ndsusedt0 af．fectthe of sel￡development，thendevelopment andwill af．fectthe theentirem矾(et．Onthe ente印rise finally stabili够of ofour that orshareholder’s securit)，market count叮，thephenomenonmaj is haSbec锄eadimcult capitaloccupyingmergingconstantly，which that restrictmestable and problem s伽dardizeofthe operation secudty i11our marketcount叮． The basedonthe ofthe paperproposeseightassumptions analysis Usesdatafor7l 3 listed with theo阱n priVate companiespyramid withthe of stmcture嬲s锄ple，combines analysis collineaur testand on regression the multiple analysis，testS hypothesis．and t11e results．The result