债务融资与大股东掏空行为--基于民营上市公司2009-2013年的数据

摘要

In order to learn about the relationship between debt financing and tunneling of private listed companies, Using the data of different levels of debt and the different types of debt in private listed companies from 2009 to 2013 as the panel data,an empirical study is done of the correlation between debt financing and big shareholders’tunneling behavior.The study finds that commercial credit and bank loan can exert a constraining effect on the tunneling behavior of big shareholders. Therefore,private listed companies should attach due importance to the governing function of debt financing and maintain a temperate asset-liability ratio;banks and commercial credit bodies should bring the governing function into full play in the process of stopping the tunneling acts of big shareholders.%为考察民营上市公司债务融资与大股东掏空行为的关系，本文以民营上市公司2009~2013年不同的债务水平、债务类型为面板数据，通过 Stata 实证分析验证了债务融资与大股东掏空的相关性。研究结果表明：商业信用和银行借款对民营上市公司大股东的掏空行为起到了约束作用。因此，民营上市公司应该重视债务融资的治理作用，保持适度的资产负债率；银行及商业信用主体也应该积极发挥其对民营上市公司大股东掏空行为的治理作用。