一、研究背景在关于作为大股东的企业集团与上市公司的关系的研究中,学术界的注意力大多集中在研究国有控股集团公司对上市公司的利益输送(亦称支持)和利益掘取(亦称掏空)。刘峰和贺建刚(2004)从利益输送的角度研究了大股东与上市公司之间的利益往来关系,发现大股东通过多种手段从上市公司获取利益,持股比例高的,倾向于通过高派现、关联交易等方式实现利益输送;持股比例低的,倾向于股权转让、担保和占用等方式。唐清泉等(2004)的 First, the research background In the study on the relationship between listed companies and major conglomerates, academics mostly focus their attention on the transfer of state-owned shares (also known as support) and the exclusion of interests Also known as hollowing). Liu Feng and He Jiangang (2004) studied the relationship of interest between the major shareholder and the listed company from the perspective of the transfer of benefits. It was found that the major shareholder obtained the benefit from the listed company through various means, and the shareholding ratio was high, Present, related party transactions and other ways to achieve the transfer of benefits; low proportion of shares, tend to equity transfer, security and occupation and other means. Tang Qingquan et al (2004)