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大股东利益输送行为是现代公司治理中的一个突出问题,我国股票市场作为新兴加转轨市场,上市公司大股东利益输送行为尤为严重,股权分置改革之前更加明显。由于上市公司股权集中且大股东所持股份多为非流通股,因此大股东为了实现自身利益的最大化,通过股权融资、现金股利、资金占用、关联交易等方式转移上市公司资源达到挖空上市公司的目的,严重侵害了中小股东的利益。我国目前相关法律体系不完善也是产生利益输送行为的原因之一,而获得控制权私人收益是造成大股东利益输送行为的直接动力。
The transfer of interests of major shareholders is a prominent issue in modern corporate governance. As a new emerging and transitional market, China’s stock market has a particularly serious problem of transfer of interests of major shareholders, which is more obvious before the split share structure reform. Due to the concentration of ownership of listed companies and the majority of shareholders holding non-tradable shares, so in order to maximize the interests of major shareholders to achieve through self-financing, cash dividends, capital occupation, related party transactions and other means of transfer of listed companies to achieve the hollowing out of listed companies The purpose of the serious violation of the interests of minority shareholders. At present, the imperfect legal system in our country is also one of the reasons for the transfer of benefits, and the private gain of control is the direct driving force for the transfer of interests of major shareholders.