限售股解禁、资本投资与控制权私利——来自我国上市公司股权分置改革的证据

摘要/Abstract

摘要：

本文以资本投资作为控制权收益主要来源为理论基础，结合我国目前新兴加转轨的市场背景，选取2001-2013年沪深两市A股市场发生了股权转让的上市公司为样本，对不同资本投向对控制权私利攫取的影响进行了实证研究。结果发现:（1）限售股解禁后的控制权私利水平高于解禁前的私利水平；（2）固定资产投资规模与控制权私利水平正相关，限售股解禁后，其正相关关系有所削弱；（3）股权投资规模与控制权私利水平正相关，限售股解禁后，控制权私利水平对股权投资规模更为敏感；（4）控股股东的自利性资本投资行为挤占了中小投资者的共享收益，而这种行为并没有因为股改的完成而发生本质性的转变。在以上结论基础上，提出了相关的政策建议。

关键词: 限售股解禁, 资本投资, 投资规模, 控制权私利

Abstract:

Based on the theory of capital investment results in private benefits of control (PBC), and combined with our current emerging and transitional market background, this paper empirically studied effects on different capital investments to PBC by using data of Chinese listed companies which controlling rights diverted in A stock markets of Shanghai and Shenzhen from 2001 to 2013. The results of empirical study show that:1.the PBC after lockup expiration is higher than the before one; 2. the PBC is positively related with capital investment level. With lockup expiration of Chinese non-tradable shares, the positive relationship is getting weakened; 3 equity investments are positive relativity with the PBC as well. When the non-tradable shares are locked up, the private benefits of control is more sensitive with level of share rights investment; 4.controlling shareholders' capital investment decision motivated by self-interest can harm minority investors, And this behavior hasn't been essentially changed because of completion of China's shareholder structure reform. Finally,the conclusions of this paper give some policy implications to government and minority investors.

Key words: lockup expiration, capital investment, investment level, private benefits of control

吴冬梅, 庄新田. 限售股解禁、资本投资与控制权私利——来自我国上市公司股权分置改革的证据[J]. , 2016, 28(10): 67-78.

Wu Dongmei, Zhuang Xintian. Lockup Expiration of Chinese Non-tradable Shares, Capital Investment and Private Benefits of Control: Evidence from the Split Share Structure Reform of China's Listed Companies[J]. , 2016, 28(10): 67-78.

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