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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
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The Impact of the Chinese Split-Share Structure Reform on the
Relationship between Ultimate Controlling Shareholder and
Related Party Transactions
1. Purpose/Objective
The split-share structure has resulted in conflicts of interest between tradable
shareholders and non-tradable shareholders, leading to the agency problem. The controlling
shareholders, who usually hold a high proportion of non-tradable shares, have the means to
exploit related party transactions in order to pursue private benefits at the expense of tradable
shareholders. In 2005, the Chinese government initiated the split-share structure reform in
order to alleviate the aforementioned agency problem and to facilitate the efficiency of
capital markets. Existing studies regarding the relationship between Chinese listed firms and
related party transactions have mainly focused on the pre-reform period (Berkman et al.,
2009; Cheung et al., 2010; Lei and Song, 2011; Peng et al., 2011). However, the split-share
structure reform could have a great impact on the ownership structure of Chinese listed
firms, and this ownership change could thereby affect the motives and ability of the
controlling shareholders to conduct related party transactions. This study examines how the
split-share structure reform has affected the different types of controlling shareholders, in
particular their ability to take advantage of related party transactions, and whether the
second-largest shareholders now have an impact on determining how controlling
shareholders conduct related party transactions. The goal is to obtain a better understanding
of the effects of the split-share structure reform on improving the corporate governance
problems of Chinese listed firms.
2. Design/Methodology/Approach
The research sample consists of firms listed on the Shanghai and Shenzhen Stock
Exchanges for the period between 2002 and 2013. We collected ownership and financial data
from the Taiwan Economic Journal Database (TEJ) and related party transaction data from
the China Stock Market and Accounting Research Database (CSMAR). Since the split-share
Wen-Sheng Wang
, Lecturer, Department of Finance and Accounting, Dhurakij Pundit University
Chi-Kit Choi
, Master, Department of Business Administration, National Central University
I-Cheng Li
, Assistant Research Fellow, Research Department of Business Model Innovation, Commerce
Development Research Institute
Jung-Hua Hung
, Professor, Department of Business Administration, National Central University