Title: Research on Restraints of Foreign Shareholders on Large Shareholder Expropriation——Evidence Based on Chinese Listed Companies
Abstract: Based on data of listed companies through 2006~2011of Shanghai and Shenzhen Stock markets,this study empirically examines the restraining effect on the controlling shareholders of listed companies in China by different types of foreign shareholders.We find that foreign shareholders on the whole cannot effectively restrain the expropriation of large shareholders, and different types of foreign shareholders have significantly different effects on the restraint of controlling shareholders expropriation.QFII can inhibit the expropriation of controlling shareholders to some extent,while shareholders of foreign banks,insurance companies and securities companies have no significant influence on controlling shareholders expropriation,which can not supervise and restrain the controlling shareholders of listed companies,and sometimes even weaken the conflicts between the controlling shareholders and the minor shareholders of listed companies.The restraining effect of foreign shareholders in the private enterprises is greater than that in state owned enterprises.
Publication Year: 2014
Publication Date: 2014-01-01
Language: en
Type: article
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