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关于大股东对中小股东的利益侵占,国内外文献主要集中在从法学的角度进行定性研究,而本文从会计学角度定量研究大股东对中小股东的利益侵占。本文从少数股东权益的视角,以A股2011年1,170家上市公司为样本,利用Sloan(1996)和Richardson(2005)提出可靠性基本模型,发现少数股东权益变化的对数与资产报酬率负相关,而归属于母公司所有者权益变化的对数与资产报酬率正相关,从少数股东权益的角度,得出大股东对中小股东的利益侵占。
With regard to the major shareholders ’encroaching upon the interests of minority shareholders, domestic and foreign literatures mainly focus on the qualitative research from the perspective of jurisprudence. This paper quantitatively studies the major shareholders’ encroaching upon the interests of minority shareholders from the perspective of accounting. From the perspective of minority shareholders ’equity, this paper takes 1,170 listed companies in A share market in 2011 as a sample. Based on Sloan (1996) and Richardson (2005), the paper presents the reliability model and finds that the logarithm of the change of minority shareholders’ equity is negatively correlated with the return on assets , While the logarithm of the change of owners’ equity attributable to the parent company is positively correlated with the return on assets. From the perspective of the minority shareholders’ equity, the conclusion is drawn that the majority shareholders’ interests invade the minority shareholders.