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《Nankai Business Review》 2004-06
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Controlling Shareholder, Agency Problem and Relatedparty Transaction: Evidence from China's Listed Companies

Yu Minggui, Xia Xinping  
The paper investigates whether the related-party transaction is a means of transferring firm resources and expropriation of minority shareholders used by controlling shareholder. The empirical results of related-party transactions in 1999-2001 from China s listed companies show that firms with controlling shareholder have more related-party transactions than firms without controlling shareholder, firms with top managers coming from controlling shareholder have more related-party transactions than firms with top managers not coming from controlling shareholder, and the ownerships and the directors of boards owned by controlling shareholder are positively correlated to related-party transactions. The results suggest that controlling shareholders do transfer firm s resources and expropriate minority shareholders by means of related-party transactions. This paper provides direct evidence for the agency conflict between controlling shareholder and minority shareholders in China s listed companies.
【CateGory Index】: F224
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