摘要
我国资本市场上，民营上市公司的一股独大和大股东代理问题一直比较棘手，大
股东侵占行为屡禁不止，在民企违约潮背景下尤其凸显。在金贵银业债务违约案例中，
大股东侵占是金贵银业债务违约的直接导火索，相较其他违约案例有一定的特殊性；
和其他民营企业一样的是，金贵银业还面临着核心竞争力不足、民企融资约束、“环
保政策+去产能”等政策性因素以及欧亿·体育（中国）有限公司周期波动、宏观经济下调等普遍性问题。
本文以大股东侵占为视角分析金贵银业债务违约事件，对金贵银业从2018年下
半年大股东质押危机到2019年“14金贵债”实质性违约的过程进行了梳理。并从大
股东侵占行为的动因、大股东侵占行为对债务违约的影响机理和大股东侵占行为对财
务状况造成的后果三个方面进行了案例分析，以期在民企债务违约的成因和防范机制
方面得出具有普适性的结论。在前人研究的基础上，本文结合宏观、欧亿·体育（中国）有限公司等因素对大
股东侵占行为发生的动机进行分析时发现，大股东侵占行为之所以会发生，除了自身
的道德风险以外，还受到宏观经济下调、欧亿·体育（中国）有限公司特征导致的高额融资需求以及内部治理
体系失效等因素的影响。在本案例中，大股东主要通过股权质押、过度投资、违规担
保和直接侵占资金的方式来掏空上市公司资源。通过对金贵银业的财务数据进行横向
和纵向分析发现，大股东侵占行为造成的后果体现在了公司的财务数据上面，财务弹
性的丧失进一步引发了债务危机。由此得出结论，大股东侵占视角下民企债务违约的
影响因素主要分为两个方面，一方面，大股东道德风险和内控薄弱会导致大股东侵占
行为，并增加企业债务违约风险；另一方面，民企面临的融资约束和“环保+去产能”
等政策收紧因素会影响到企业的发展路径选择，导致大股东侵占行为发生并造成投融
资决策的扭曲，加速企业的债务违约行为。
基于以上分析，本文认为要有效抑制大股东侵占行为引起的债务违约风险，一方
面要加强大股东的道德风险防控和企业内部控制体系建设；另一方面，金融机构要消
除民企融资歧视，民营企业则应提升全要素生产率，走高质量发展之路。
关键词：金贵银业；债务违约；大股东侵占
I

Abstract
Of Chinese private listed firms from the capital market in our country, equity
concentration and agency problem of major shareholders have been more serious, big
shareholders encroachment is difficult to stop, under the background of corporation
defaults especially highlight .In the case of debt default, major shareholder encroachment
is the direct trigger of debt default, which has some particularity compared with other
default cases. Like other private enterprises, Jingui silver company is also faced with
policy factors such as insufficient core competitiveness, private enterprise financing
constraints ," environmental protection policy to capacity ", as well as general problems
such as industry cycle fluctuation and macroeconomic downward adjustment.
This paper analyzes the debt default events of Jingui silver company from the
perspective of major shareholder encroachment, and summarizes the process from major
shareholders' pledge crisis in 2018 to the material default of "14 Jingui" in 2019. And
analyzes the case from three aspects, including the motivation of major shareholders
encroachment , the influence mechanism of major shareholder encroachment on the debt
default and the the financial consequences of major shareholder encroachment . First of all,
on the basis of predecessors' research, based on the macro, industry and other factors on
the major shareholders encroach on the behavior motive analysis found that the big
shareholders occupy behavior occurs, in addition to its own moral hazard, also influenced
by macroeconomic cut, industry characteristics, leading to the high financing needs and the
influence of factors such as internal governance system failure; Secondly, in this case, the
major shareholder mainly hollowed out the resources of the listed company by means of
equity pledge, overinvestment, illegal guarantee and direct embezzlement of funds, which
led to the debt default of the company. Finally, through the horizontal and vertical analysis
of the financial data of Jingui silver company, it is found that the consequences caused by
the encroachment of major shareholders are reflected in the financial data of the company,
and the loss of financial flexibility further leads to the debt crisis. It is concluded that the
influencing factors of private enterprise debt default from the perspective of major
shareholder encroachment are mainly divided into two aspects. On the one hand, the major
shareholder's moral hazard and weak internal control will lead to major shareholder
encroachment and increase the risk of corporate debt default. On the other hand, the
financing constraints faced by private enterprises and policy tightening factors such as
"environmental protection + overcapacity reduction" will affect the choice of development
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