【作者】 马民伟；

【导师】 干胜道；

【作者基本信息】 四川大学 ， 会计学， 2007， 硕士

【摘要】 中国的上市公司大多是国有企业改制而来，普遍存在重筹资轻转制的现象。十几年来，上市公司在证券市场大肆“圈钱”，大股东占用上市公司资金、“掏空”上市公司的例子不在少数。大股东占款，已经成了我国证券市场的一大顽疾，不仅拖垮了众多的上市公司，损害了广大中小股东的合法权益，而且阻碍了证券市场的健康发展。近年来，管理当局提高了对大股东占款问题的重视程度，并加大了追缴占款的力度。然而，“清欠”仅仅是治标，弄清大股东占款与哪些因素有关，从源头上遏制新的占款发生才是治本之策。本文分为七个章节，在国内外学者研究的基础上，一方面，探索了我国上市公司大股东的形成，研究了占款的账目表现，并对大股东占款的动机、实现条件和占款对象进行了分析。另一方面，研究了上市公司股权再融资与大股东占款的联系，弥补了国内有关大股东占款与股权再融资额的实证研究空白。本文认为，占款主要发生在有大量富余现金的公司，上市公司股权再融资不仅可能是出于大股东的意志，而且募集而来的大量资金极易成为大股东占款的对象。故本文选取2000～2005年沪市所有实施了配股或增发的A股上市公司作为研究样本，从分析其他应收款净额入手，设计了募集资金占用度等指标，首先针对上市公司股权再融资与大股东占款的联系提出两个假设，继而针对大股东占款如何影响上市公司的业绩提出两个假设。分别建立回归方程，分析得出了以下结论：一是上市公司的股权再融资额越大，越倾向于较高的资金占用。二是大股东占用上市公司募集资金是个长期性的过程。这两个结论充分说明了上市公司股权再融资与大股东意志存在相关关系。三是上市公司经营活动现金净流量与大股东占款负相关。四是上市公司每股收益与大股东占款负相关。这两个结论说明了大股东占款会严重影响上市公司的经营业绩。本文接着介绍莲花味精大股东占款的案例，分析了占款的具体原因，印证了前面部分所得的结论，提出了解决大股东占款问题的具体建议，包括优化股权结构、建立科学的法人治理结构、完善法律法规、加强外部监管，以及健全上市公司信息披露制度等。最后，在总结全文的基础上，分析了本文的研究不足，并对课题下一步的研究方向进行了展望。更多还原

【Abstract】 Most of listed companies in China come from the state-owned enterprise restructuring, which give more emphases on financing than restructuring universally. In the recent decade, many listed companies have financed vigorously in the securities market, majority shareholders have occupied the capital of listed companies, "tunnelled" listed companies. Majority shareholders capital occupying has been a serious disease in securities market of our country, not only caused the collapse of a large number of listed companies, harmed the legitimate rights and interests of minority shareholders, but also hampered the healthy development of the securities market. In recent years, authority has attached important to majority shareholders capital occupying, and increase the total recovery efforts. However, the "clearing" is only a temporary measure, to ravel the correlative ingredients about majority shareholders and to keep new capital occupying within limits in the headstream is the permanent measure.The thesis is divided into seven chapters. On the basis of research by scholars at home and abroad, the author, on the one hand, explores the formation of the majority shareholders of listed companies in China, researches the account for capital occupying, and analyzes the motivation, the conditions and the target of majority shareholders capital occupying. On the other hand, not only the relationship between the equity refinancing of listed companies with majority shareholders capital occupying is discussed, but the blank of the empirical research about majority shareholders capital occupying with the amount of equity refinancing in our country is filled up as well.Capital occupying often occurs in the company with a huge surplus cash. Equity refinancing of listed companies is not only probably the will of majority shareholders. Moreover, a large amount of raising funds can easily become the target of majority shareholders. Therefore we selected the listed companies who had implemented equity refinancing in Shanghai stock exchange from 2000 to 2005 to be the research samples. Starting from the analysis of other receivables, we design the index -the rate of financing capital occupying. First of all, two assumptions about the relationship between the equity refinancing of listed companies with majority shareholders capital occupying are put forward, then other two assumptions about how majority shareholders capital occupying influences the achievements of listed companies are also put forward. Regression equations are established, then the analysis draws the following conclusions: First, the greater the amount of a listed company’s equity refinancing, the more likely the higher capital occupying. Second, major shareholders occupy the financing capital of listed companies is a long-term process. This has fully confirmed the relationship between the equity refinancing of listed companies with majority shareholders’ will. Third, the operating activities net cash flow of listed companies negatively correlated with majority shareholders capital occupying. Fourth, there is a negative correlation between EPS with majority shareholders capital occupying. This two conclusions show majority shareholders capital occupying would seriously affect the operating results of listed companies.The thesis then described the case of Lotus Flower Company, which has been tunnelled by majority shareholders. The specific causes of capital occupying are analyzed, which confirmed the conclusion of the front part. Finally, on the basis of summing up the paper, the specific solutions to majority shareholders capital occupying are bring forward, including equity structure optimization, creating a corporate governance structure, improving laws and regulations, strengthening external supervision and a sound system of information disclosure of listed companies.更多还原