连锁董事网络对大股东掏空行为的影响研究——以生物医药行业上市公司为例.docVIP

PAGE PAGE 20 连锁董事网络对大股东掏空行为的影响研究 ——以生物医药行业上市公司为例 摘要：大股东掏空行为一直是公司治理中不可忽视的一个问题，而连锁董事网络的产生和发展使得大股东掏空行为更加复杂。现有的研究结果都是将两者作为独立的方面进行研究的，关于两者之间的关系的研究并不多，本文以我国生物医药行业上市公司为例研究连锁董事网络对大股东掏空行为的影响。通过对2012年—2014年间生物医药行业大股东掏空行为的数据和连锁董事网络的数据进行分析，并引入第一大股东持股比例为控制变量，本文发现就生物医药行业而言连锁董事网络对大股东掏空行为并不存在显著影响，但第一大股东持股比例对连锁董事网络对大股东掏空行为的影响存在正向调节作用，且连锁董事网络会加剧第一大股东持股比例对大股东掏空行为的影响。 关键词：连锁董事网络大股东掏空生物医药行业 The Research on the Tunneling by the Major Shareholder Impacted by the Network of Interlocking Directorates ——Illustrated by the Example of Biopharmaceutical Listed Companies Abstract: The tunneling of major shareholders has been a problem that can not be ignored in process of corporate governance, and the emergence and development of the interlocking directorates makes tunneling behavior become more complex. The existing research results are both as independent study. There is not much research on the relationship about the interlocking directorates and the the tunneling of major shareholders. This paper studies the influence that the network of interlocking directorates makes on the tunneling by the major shareholder illustrated by the example of biopharmaceutical listed companies. Through analyse the data of the tunneling of major shareholders and the interlocking directorates from biopharmaceutical listed companies from 2012 to 2014 and introduce the shareholding ratio of the first largest shareholder as control variable, this paper finds that on the bio pharmaceutical industry, the network of interlocking directorates has little significant influence on the tunneling of major shareholders, but the shareholding ratio of the first largest shareholder plays a positive regulatory role in the influence that the network of interlocking directorates makes on the tunneling of major shareholders, and the network of interlocking directorates can intensified the effect taht shareholding ratio of the first largest shareholder makes on the tunneling of major shareholders. Keywords: the network of interlo