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法律在多大程度上可以保护投资者利益是依法治国的重要课题之一。大股东对上市公司的掏空行为,不仅伤害了中小股东,更伤害了债权人利益。资金占用规模持续上升加剧了债权人与股东之间的代理冲突。为了约束大股东行为,债权人会通过引进法律这一外部治理机制解决代理冲突,通过诉讼参与公司治理,保护自身的利益。基于手工整理的中国债务诉讼数据,本文发现,大股东占用上市公司资金比例越高,越容易引起债权人诉讼,特别是在债权人对公司控制力较弱时,这一关系更加密切;上市公司被债权人起诉后,从第2年开始,资金占用情况得到抑制,表明法律诉讼在一定程度上可以约束大股东行为,影响公司内部治理,保护债权人利益。
To what extent the law can protect the interests of investors is one of the important topics governing the country according to law. Holders of listed companies on the hollow out behavior, not only hurt the minority shareholders, but also hurt the interests of creditors. The continued increase in the size of funds has exacerbated the agency conflicts between creditors and shareholders. In order to restrain the behavior of major shareholders, creditors will solve the agency conflict through the introduction of the law as an external governance mechanism and participate in corporate governance through litigation to protect their own interests. Based on the hand-collated data of China’s debt litigation, this paper finds that the higher the proportion of funds held by the largest shareholder in the listed company, the more likely it is to cause the litigation of the creditors, especially when the creditors have a weaker control over the company. The listed company is obliged to pay creditors After the prosecution, starting from the second year, the occupation of funds has been suppressed, indicating that legal proceedings to a certain extent can restrain the behavior of major shareholders, affecting internal governance and protecting the interests of creditors.