控股股东掏空上市公司的内在机理分析——以青鸟华光企业为例.docVIP

PAGE PAGE 21 控股股东掏空上市公司的内在机理分析——以青鸟华光企业为例 摘要：随着经济环境和经济条件越来越复杂，掏空也变得越来越隐蔽，掏空可能会将一个发展较好的上市公司毁于一旦，极大地侵害了中小投资者的利益，同时也影响了资本市场的资源配置效率，使其有所降低。本文以青鸟华光为例，采用案例分析的方法，研究上市公司的股权结构、社会资本控制及其对控股股东掏空行为的影响。研究表明，青鸟华光的控股股东在掌握上市公司的股权结构及社会资本的基础上逐步实现从本质上控制上市公司，之后便利用资金占用、关联交易、虚构关联方购销交易、对外担保、减持及重大资产重组等途径掏空上市公司，极大侵害了中小股东的利益。通过研究发现：在分散的股权结构下，控制股东利用复杂的交叉持股情形及不完善的监管制度环境，在资本市场进行掏空的行为广泛存在，并且更加隐蔽，危害也更为严重。青鸟华光的掏空案例在中国上市公司中是较为典型的控股股东掏空案例，有助于进一步深入分析我国上市公司控股股东掏空的内在机理并相应对制定解决策略。 关键词：控股股东掏空公司治理青鸟华光 The Internal Mechanism of the Controlling Shareholders Tunnelling Listed Companies—a Study Based on the Case of Weifang Beida Jade Bird Huaguang Technology Co., Lt Abstract: With the economic environment and economic conditions more and more complex, hollowing out has become more and more hidden, emptying will not only destroy a high-quality listed companies, but also seriously damage the interests of small investors and reduce the capital market allocation efficiency of resources. The paper takes Jade Bird Huaguang as an example to study the ownership structure, social capital control and its effect on controlling shareholders hollowing out behavior by using case analysis method. The research shows that the controlling shareholders of Jade Bird Huaguang take control of listed companies on the basis of social capital to strengthen the control of listed companies, and adopt the methods of capital occupation, related transaction, fictitious related party purchase and sales, external guarantee, reduction and major asset reorganization. Empty listed companies, to the small shareholders has brought huge losses of interest. It is found that under the decentralized ownership structure, the complex cross-shareholding and the supervisory system are imperfect, the hollowing out behavior of the controlling shareholders is still widespread and increasingly hidden and the harm is more serious. The case of Jade Bird Huaguang is the classic case of the tunneling of the controlling shareholder of Chinese listed companies