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135
臺大管理論叢
2017/6
第
27
卷第
2
期
135-162
DOI:10.6226/NTUMR.2017.JAN.A103-017
中國股權分置改革對於最終控制股東與關係人交
易之關係的影響
The Impact of the Chinese Split-Share Structure Reform on the
Relationship between Ultimate Controlling Shareholder and
Related Party Transactions
摘 要
中國政府於
2005
年實施股權分置改革，以平衡非流通股東及流通股東的利益，減少控
制股東剝奪少數股東財富的誘因。本研究以
2002
年至
2013
年間在深圳及上海交易所上
市的公司為樣本，探討股權分置改革是否對控制股東從事關係人交易產生影響。透過
PLS
迴歸模型檢驗，實證發現國有控制股東在股權分置改革後減少進行關係人交易的下
降幅度比非國有股東多；在國有控制股東樣本中，中央政府在股權分置改革後減少進
行關係人交易的下降幅度比地方政府多。此外，第二大股東傾向與控制股東共謀而增
加關係人交易的使用。本研究對於政策制定者及投資人具有管理意涵。
【關鍵字】
控制股東、關係人交易、股權分置改革
Abstract
Chinese government implemented the split-share structure reform in 2005, with an attempt to
eliminate controlling shareholders’ incentive to expropriate the minority shareholders’ wealth
through aligning the interest of controlling shareholders and minority shareholders. Using
the sample of all companies listed on the Shenzhen and the Shanghai Stock Exchange during
the years from 2002 to 2013, the study scrutinizes the impact of the split-share structure
reform on the relationship between ultimate controlling shareholder and related party
transactions. Through the PLS regression models, empirical results show that related party
transactions are reduced after the split share structure reform in firms controlled by state-
owned firms, especially in firms controlled by the central government. In addition, the
second-largest shareholder tends to collude with the controlling shareholders and increase
the use of related party transaction after the reform. Our findings have implications for
policy makers and investors.
【
Keywords
】
ultimate controlling shareholder, related party transactions, split-share
structure reform
王文聖
/
博仁大學財務金融暨會計學系講師
Wen-Sheng Wang
, Lecturer, Department of Finance and Accounting, Dhurakij Pundit University
蔡子傑
/
國立中央大學企業管理學系碩士
Chi-Kit Choi
, Master, Department of Business Administration, National Central University
李易政
/
財團法人商業發展研究院經營模式創新研究所助理研究員
I-Cheng Li
, Assistant Research Fellow, Research Department of Business Model Innovation, Commerce
Development Research Institute
洪榮華
/
國立中央大學企業管理學系教授
Jung-Hua Hung
, Professor, Department of Business Administration, National Central University
Received 2014/2, Final revision received 2015/1