中国股权分置改革对于最终控制股东与关系人交易之-台大管理论丛.pdfVIP

臺大管理論叢 2017/6 27 2 135-162 DOI:10.6226/NTUMR.2017.JAN.A103-017 中國股權分置改革對於最終控制股東與關係人交 易之關係的影響 The Impact of the Chinese Split-Share Structure Reform on the Relationship between Ultimate Controlling Shareholder and Related Party Transactions 王文聖 / Wen-Sheng Wang, Lecturer, Department of Finance and Accounting, Dhurakij Pundit University 蔡子傑 / Chi-Kit Choi, Master, Department of Business Administration, National Central University 李易政 / I-Cheng Li, Assistant Research Fellow, Research Department of Business Model Innovation, Commerce Development Research Institute 洪榮華 / Jung-Hua Hung, Professor, Department of Business Administration, National Central University Received 2014/2, Final revision received 2015/1 摘 要 2005 2002 2013 PLS 【關鍵字 】 Abstract Chinese government implemented the split-share structure reform in 2005, with an attempt to eliminate controlling shareholders’ incentive to expropriate the minority shareholders’ wealth through aligning the interest of controlling shareholders and minority shareholders. Using the sample of all companies listed on the Shenzhen and the Shanghai Stock Exchange during the years from 2002 to 2013, the study scrutinizes the impact of the split-share structure reform on the relationship between ultimate controlling shareholder and related party transactions. Through the PLS regression models, empirical results show that related party transactions are reduced after the split share structure reform in firms controlled by state- o