中文摘要：

控股股东与上市公司之间的利益输送可能是双向的:'掏空'或者'援助'。文章回顾并发展了西方的文献,对这种利益输送的双向性及其转换进行了模型化表述。文章认为:当控股股东难以通过股权转让来实现其产权收益的时候,除了现金股利分红,掏空几乎是唯一的选择,但当控股股东可以低成本进行股权转让时,控股股东就需要在股权转让收益与掏空收益之间进行抉择,甚至援助上市公司以提高股权转让价格。文章的结论对于中国的股权分置改革具有正向意义:放松对控股股东产权收益实现方式的管制(或者降低其交易费用),将会更好地保护中小投资者利益。

英文摘要：

The interests transfer between controlling shareholders and listed companies may be bidirectional,namely tunneling or propping.The paper reviews the academic literatures,and develops formal models to describe the bidirectional transfer.The paper shows that,besides cash dividend,tunneling will be the only choice when the controlling shareholders can not sell their stocks to realize property benefits.When the controlling shareholders can sell their stocks at low costs,they need to choose the better benefits b...