作者：杨合力
摘要/Abstract
大股东资金占用在我国上市公司中普遍存在，本文研究股改后大股东资金占用情况。本文选用2008年上市和深市上市公司数据，构建线性模型进行回归分析。研究发现，股改后资金大幅减少但占用依然存在，控股股东占用上市公司资金与第一大股东持股比例之间存在负相关的线性关系，而不是倒U型关系；高负债的资本结构、较大规模的董事会有助于改善资金占用情况；独立董事的监督起到一定的监督作用；与其他企业相比，控股股东为私人的公司资金侵占情况更严重。该结果对于政府和股东认识股改后大股东资金占用情况提供帮助。
Occupations by large shareholder are prevalent in China listed companies. This paper studies occupations situation after capital restructuring. This paper uses the Shanghai listed and Shenzhen listed companies’ data in 2008 to make a linear model regression. Study finds substantial reduction of fund occupation after the share reform, but occupation still exist. There is a negative correlation between the occupation and the proportion owned by the largest shareholders, rather than inverted U shaped relationship. High debt capital structure and the larger board help to reduce the financial occupancy. The supervision of independent directors plays a supervisory role. Comparing with other enterprises, the occupation of the private controlling shareholder is even more serious. The results are helpful for Government and shareholders to understand the situation of occupation by the major shareholders after capital restructuring.