本文以2003—2008年发生大股东资产注入的上市公司为样本,考察了股权分置改革对大股东资产注入动机的影响。研究发现:(1)股改后大股东利用资产注入获取私有收益的动机明显下降,取而代之的是将优质资产不断注入上市公司中,提升公司业绩;(2)股改前民营上市公司大股东利用资产注入对上市公司中小股东进行侵害,股改后民营企业大股东与中小股东之间的利益冲突得到缓解;(3)股权分置改革后民营企业大股东资产注入动机的变化强于国有企业。
Based on the samples of the listed companies injected assets by big shareholders during 2003-2008,this paper examines the effect of equity-spilt reform on the motivation of assets injection of big shareholders,and the results show that the motivation for big shareholders to obtain private benefit by using assets injection is obviously declining after share-split reform but to constantly inject their good assets to the listed companies to improve the performance of the companies,and that before share-split reform,the big shareholders of private listed companies use assets injection to infringe medium and small shareholders but after share-split reform,the interests conflict between big shareholders and medium and small shareholders in private companies is mitigated.Thus,the change of the motivation of assets injection of big shareholders in private companies is stronger than that of state-owned companies after share-split reform.