民营上市公司股权结构与关联交易实证分析

目前,有关上市公司大股东侵害中小股东的文献比较丰富,但缺乏对民营上市公司的研究。鉴此,以沪深市场2007—2008年度民营上市公司为研究对象,构建回归模型考察股权结构与关联交易之间的关系,其研究结果显示：民营上市公司第一大股东持股比例、控制链层级对关联交易规模产生显著正影响;制度环境的改善能抑制终极控制人因控制权与现金流权分离所引发的侵占动机;终极控制人为自然人时,对公司的侵害程度较小。

Empirical Analysis on Ownership Structure and Related-Party Transactions in Chinese Listed Private-Companies

There are plenty of documents about fist-largest shareholder’s expropriation in listed-companies,but these documents seldom focus on listed private-companies.In view of this,the authors examine the relationship between ownership structure and related-party transactions.Using the data of listed private companies in china from 2007to 2008,The authors find that the ownership of the first-largest shareholder and control chain between the listed company and its ultimate controller are positively relevant to related-party transactions,improved institutional setting can restrain the expropriation incentive rising from divergence between cash-flow and controlling rights.Expropriation declines in the company with individual.