分类号 密级
U D C
昆明理工大学 专业学位硕士（在职）学位论文
ST 信通大股东利益侵占影响
及对策建议研究
研究生姓名 王江涛
指导教师姓名、职称 徐 杰
学科专业 工商管理（MBA）
研究方向财务管理与金融投资
论文工作
起止日期 2021 年 10 月—2022年 11 月
论文提交日期 2022 年 11 月 21 日
昆明理工大学专业学位硕士学位论文 ST 信通大股东利益侵占影响及对策建议研究
摘 要
随着我国金融和实体经济快速发展，越来越多的中小企业在资本市场公开发
行股票，资本市场更加繁荣多样。目前涉及大股东利益侵占的法律法规已经逐步
健全完善，但是大股东利益侵占行为仍时有发生，给上市公司和中小投资者造成
严重损害，同时对我国资本市场的发展也造成极为不利的影响。因此，深入分析
我国上市公司大股东利益侵占行为及其影响，并给出相应的对策建议，具有重大
的理论和现实意义。既有关于大股东侵占行为的研究文献中，大都是通过实证方
法展开研究，对于案例研究而言，从侵占手段、侵占原因、侵占影响等视角进行
深入剖析，并给出相应对策的文献相对较少。
鉴于此，论文采用文献研究、定性和定量分析以及案例分析等方法，对 ST
信通大股东利益侵占的手段、原因及影响进行深入研究。在研究过程中，论文基
于控制权、委托代理、非对称等相关理论，分析了ST 信通的内部控制制度和公
司的产权制度，并从上市公司的股东权益过度集中、公司治理机制等问题入手，
对企业内部控制缺陷、外部治理机制漏洞和审计监督等角度对 ST 信通大股东利
益侵占的具体原因进行了剖析。研究结果表明：在大股东的操控下，ST 信通通
过给其他公司违规提供担保、不依法披露、非关联企业巨额占资、非公允资产收
购等方式，侵占上市公司利益，给中小股东和其他投资者造成了损害。
进一步，本文从降低企业内部大股东持股比例，增加小股东所占份额，并促
使其投资结构多样化；公司股东大会切实履行法定权力，规范公司董事会的决策
机制，赋予独立董事合法权力，对其缺陷采取及时的补救措施；赋予监事会合法
权力，使其真正行使权力和更好地发挥监督作用；健全公司外部监督机制，使其
适应公司的治理结构，会计师事务所在审计过程中，要坚持独立性和客观性，体
现出专业素质，提高审计工作质量；证监会加大处罚力度，定期对审计情况进行
抽查和公示，并建立审计监督的信用记录机制；发挥机构投资者的作用等方面提
出相应的对策以及建议。
关键词：上市公司；大股东；利益侵占；内部治理结构；外部治理结构
I 昆明理工大学专业学位硕士学位论文 ST 信通大股东利益侵占影响及对策建议研究
Abstract
With the rapid development of Chinese finance and real economy, more and
more small and medium-sized enterprises publicly issue shares in the capital market,
which is more prosperous and diversified. At present, the laws and regulations
concerning embezzlement of interests of major shareholders have been gradually
improved and perfect, but it still occurs from time to time, causing serious damage to
listed companies and small investors, at the same time, it also causes an extremely
adverse effect on the development of our capital market. Therefore, it is of great
theoretical and practical significance to analyze the encroachment and its influence on
the interests of the major shareholders in listed companies and give corresponding
countermeasures and suggestions. Most of the existing research literatures on major
shareholders; encroachment are carried out through empirical methods. For case
studies, there are relatively few literatures that carry out in-depth analysis from the
perspectives of encroachment means, reasons and influence of encroachment and give
corresponding countermeasures.
In view of this, this paper adopts the methods of literature research, qualitative
and quantitative analysis and case analysis to conduct an in-depth study on the means,
causes and influences of the interest encroachment of the major shareholders of ST
Communication. In the research process, based on the relevant theories of control,
principal-agent, asymmetry and so on, the paper analyzes the internal control system
and the company;s property rights system of ST Communication, and starts with the
excessive concentration of shareholders; equity and corporate governance mechanism
of listed companies. From the perspective of internal control defects, external
governance mechanism loopholes and audit supervision, the specific reasons for the
encroachment of interests of major shareholders of ST Communication are analyzed.
The research results show that: under the control of major shareholders, ST Xin Tong
seriously encroached on the interests of listed companies by illegally providing
guarantees to other companies, not disclosing according to law, non-affiliated
enterprises holding a amount of capital, and unfair asset acquisition, and caused
damage to minority shareholders and other investors.
II 昆明理工大学专业学位硕士学位论文 ST 信通大股东利益侵占影响及对策建议研究
Further, this paper reduces the shareholding ratio of major shareholders,
increases the share of minority shareholders, and promotes the diversification of their
investment structure. The general meeting of shareholders of the company shall
earnestly fulfill the legal power, standardize the decision-making mechanism of the
board of directors of the company, endow the independent directors with legal power,
and take timely remedial measures for their defects; Endow the board of supervisors
with legitimate power, so that it can really exercise its power and play a better
supervisory role; Improve the external supervision system of the company, make it
adapt to the corporate governance structure, accounting firms in the audit process,
adhere to the independence and objectivity, reflect the professional quality, improve
the quality of audit work; CSRC will increase the punishment, make regular spot
checks on the audit situation and publicize it, and establish a credit record mechanism
for audit supervision. Give play to the role of institutional investors and other aspects
of the corresponding countermeasures and suggestions.
Key words: listed company; major shareholder; interest encroachment; internal
governance structure.
III 昆明理工大学专业学位硕士学位论文 ST 信通大股东利益侵占影响及对策建议研究
目录
摘 要 ................... I
Abstract ................ II
第一章 绪论 ............ 1
1.1 研究背景及意义 ................ 1
1.1.1 研究背景 ............... 1
1.1.2 研究意义 ............... 2
1.2 文献综述 .............. 2
1.2.1 大股东利益侵占手段 ......... 2
1.2.2 中小投资者利益保护 ......... 4
1.2.3 大股东产生侵占动机的原因 ........... 5
1.2.4 大股东侵占形成的经济后果 ........... 6
1.2.5 文献评述 ............... 6
1.3 研究框架和方法 ................ 7
1.3.1 研究框架 ............... 7
1.3.2 研究方法 ............... 8
1. 4 研究内容 ............. 8
第二章 概念界定与理论基础 .......... 10
2.1 概念界定 ............ 10
2.1.1 公司治理 ............. 10
2.1.2 大股东、控股股东和实际控制人 ........ 10
2.1.3 大股东利益侵占 ............... 10
2.2 理论基础 ............ 11
2.2.1 控制权理论 ................ 11
2.2.2 委托代理理论 ............ 11
2.2.3 信息不对称理论 ............... 12
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