利益输送

LLSV模型是一个普遍通用的利益输送和公司绩效模型。

LLSV model is a general model for tunneling and corporate performance .

大股东利益输送与投资者保护&一个分析框架

Controlling Shareholders ′ Tunneling and Investor Protection & An Analytical Framework

预算软约束与控股股东利益输送：来自我国民营企业的经验证据

Soft Budget Constraint and Expropriation : Evidence from Privately-Owned Firms in China

承诺利用基金资产进行利益输送；

Undertake to use fund assets to illegally convey benefits ;

治理环境、政府干预与大股东利益输送

Environment Governance , Government Inference and Controlling Shareholder 's Embezzlement of Funds

上市公司控股股东利益输送行为探析

A Discussion on Controlling Shareholders ' Interest Transfer Behaviors in Listed Companies

大股东往往通过盈余管理来掩饰其利益输送的动机。

Big shareholders often by earnings management to conceal its interests transmission motives .

公司集团内部利益输送及德国法上的规制

On the inter Company Group Benefits Transferring and the Rules In Germany Law

笔者利用2003-2008年上市公司样本，证实了股利的利益输送假说。

Using 2003-2008 data of listed companies , we confirm tunneling of dividends .

关注民营金融机构的利益输送管道

Focus on Interest Distrbution Channel of Individually-run Financial Institutions

委托资产管理与公募基金利益输送风险的防范与控制

Management of Trust Capital and Prevention and Control of Risks in Public-fund Profit Transfer

证券投资基金利益输送行为只是其中之一。

Transfer behavior of benefits of securities investment funds is just one of them .

也就是说，本文首先从理论角度验证了股权分置改革对利益输送和公司绩效的影响。

That is , this paper confirms the effect of tunneling and corporate performance in theory first .

而目前国内学者对定向增发主要关注其公告效应、定向增发的动机、折价问题以及利益输送等问题，对于定向增发对上市公司财务绩效的影响研究则较少。

Domestic research on private placements mainly focuses on the announcement effects , discount and the benefits transfer .

通过模型分析我们认为，股权分置改革改善了大股东利益输送行为的程度，提高了上市公司的业绩。

Through model analysis , we believe that non-tradable share reform can reduce tunneling and increase corporate performance .

然而，在这些成绩的背后，影响市场深层次发展的违法违规现象依然时有出现。老鼠仓等利益输送行为就是其中的典型。

But behind this , all kinds of illegal acts that influence the deeper development of security market often appear .

中国上市公司利益输送行为研究&基于非流通股协议转让与限售股转让的证据

The Study of Tunneling in China 's Listed Companies & Evidence from the Non-Tradable Shares Transfer and Restricted Shares Transfer

因此，本文关于股权分置改革对利益输送行为影响的检验深入而细致，并具有开创性。

Therefore , this article on the research of the effect of non-tradable share reform on tunneling is thorough and innovative .

不法经营者还会利用关联企业进行利益输送，进而达到规避法律义务的目的。

Illegal operators would use the associated enterprises to transfer the interests , for the purpose of evasion of legal obligations .

发现代理成本理论，特别是其中的利益输送观点可作为分析我国现金股利政策的有利工具。

We find out that the agency theory , especially the tunnelling viewpoint is very fitful to analyse our dividend policy .

这种股权分置结构所形成的利益输送机制成为决定中国上市公司股权融资行为的主要因素。

The huge return made by the structure if split share is the key factor of financing behavior of China 's listed companies .

在金字塔控股结构下，终极控股股东所有权和控制权的分离诱使了更为严重的利益输送行为。

Under pyramidal share structure , the separation of ultimate controlling shareholders ' ownership from control right entices them into severer profit transfer .

中国证券市场的实证研究表明，上市公司控股股东通过盈余管理进行利益输送的现象普遍存在。

The empirical research of Chinese securities market shows that , the listed company by earnings management controlling shareholder interests of conveying phenomenon exists generally .

并在前提条件的角度上将在我国具有解释力利益输送观点统一于代理成本理论中。

And in prerequisite 's angle general has the explanation strength benefit transportation viewpoint in our country to unify in acts in the cost theory .

有关媒体报道有重大虚假陈述和重大利益输送以及其他重大违规、违法的公司股票；

The company stock reported by the relevant media that has major false statement and major benefit transmission and other major breach of regulations and laws .

在关联企业中，由于关联关系的存在，为企业成员之间进行利益输送和转移提供了便利条件。

In the affiliated enterprises , due to the existence of association for corporate interests among the members of transportation and provide convenient conditions for the transfer .

研究发现，股权结构和治理结构对利益输送和公司绩效的影响方式没有发生变化，但是影响程度都有所增强。

We find that the effect of share structure and governance structure on tunneling and corporate performance do not change in manner , but strengthen to some extent .

金融生态、利益输送与信贷资源配置效率&基于河北担保圈的案例研究

The Financial Ecology , the Tunneling of Interest , and the Efficiency of the Allocation of Credit Resources & A Case Study on the Guarantee Circle in Hebei Province

大股东通过各种手段对上市公司进行利益输送，对上市公司造成危害，也损害了中小股东的利益。

Because controlling shareholders entrench listed companies by some means or other , the corporate value is greatly impaired , the loss of which is ultimately borne by minority shareholders .

即对于相同的现金流权、控制权、两权分离度和公司治理水平，股权分置改革后，利益输送程度显著降低，公司绩效显著提高。

For the same cash flow right , control right , separation of control right and ownership right and corporate governance , tunneling reduced and corporate performance improved after non-tradable share reform .