基于沪深A股上市公司2007—2009年的研究数据,探讨了证券投资基金持股行为和上市公司大股东利益侵占行为之间的相关性。研究发现,证券投资基金的持股水平、大股东对上市公司的资金占用水平和上市公司的担保抵押水平呈显著的负相关关系。研究结论为我国如何进一步提升证券投资基金在上市公司治理中的作用提供了新的经验证据。
Based on the data of A-share listed companies in Shanghai and Shenzhen stock exchange markets during the years from 2007 to 2009, this paper explores the correlation between securities investment fund holding and benefit expropriation behav- iors of major shareholders. The research indicates that the securities investment fund holding has a negative correlation with major shareholders' overinvestment and the level of security mortgage in the listed companies. The conclusion provides the new empirical evidence for China to further develop the role of securities investment funds in corporate governance. At the same time, it is enlight- ening for listed companies to improve the corporate governance system and for related regulatory department to map out the policies.