The Study On The Occupation And Support Behaviors Of The State-owned Controlling Shareholders

State-owned holding company as an important way for state-owned assets management system to achieve "separation of political capital and political company" and an key link for the transformation of state-owned enterprises.However,in the long-term progressive reform of state-owned enterprises,government direct intervention to business and state-owned assets are not in right place,a major shareholder superior control power and internal control,corporate governance blurring and employment and incentive mechanism non-standard and other factors interact with conflict,which has been troubled by the state-owned holding company.After equity division reform,the functions of state assets' investors,business entities,and supervisor entities get further clarify,the state-owned holding company ownership constraints and incentives get further strengthen,however,the state-owned holding company of the dual governance objectives and political promotion tournament making the double effect of "supporting hand" and "grabbing hand" remained significant.In view of this,the study based on the institutional context of after equity division reform,taking the state-owned holding companies controlling party as sample,with the reality of state-owned holding company's double principal-agent problem,combined with the state-controlled side's dual role of "support hand" and "grabbing hand",on the basis of market competition environment and the state-owned holding company property classification,we study the behavior of state-owned holding company controlling shareholders.This study in Shanghai & Shenzhen A-Share Stock Markets listed companies from 2007 to 2014 State-owned holding companies,and state-owned controlling shareholders in the company of the ST connection transaction behavior,respectively,to study behavior of controlling shareholders occupation and support.Focus on the behavior of the state-owned controlling shareholders occupation and support motivation theory analysis,and combined with principal component analysis,the results of statistical analysis and principal component analysis in this paper,to determine influence factors of the state-owned controlling shareholders occupation and support.Key event study method was applied to classify the behavior of state-owned controlling shareholders,and on the basis of the further use of logistic regression and multivariate linear regression method to empirically the influence factors of the state-owned controlling shareholders occupation and support.Through the study of this article,the hand of state-owned controlling shareholders exist "supporting" and "grabbing" dual effect.The state-owned controlling shareholders will choose the appropriate time to sell stock,and occupy the listed company.Under the drive of the dual governance goal of "economic efficiency" and "social benefits",the regional GDP level,institutional investors and based on the concept of government intervention on controlling management behavior has a significant impact.The greater the degree of separation of cash flow right and control right of state-owned controlling shareholders,the more suppression on the occupation behavior of controlling shareholders,at the same time,the state-owned controlling shareholders occupation and support the behavior with the enhancement of control strength comparison "U" shape change,to a certain extent,it reflects that the higher of the control right,the stronger the motivation of the behavior of controlling shareholders occupation and support.Regional level of GDP,the rule of law level and the degree of government intervention in the embezzlement has certain inhibitory effect.The higher control right and stronger supervision governance mechanism will promote the controlling shareholders to support the listed company,and the fierce industry competition environment can inhibit the occupation behavior of controlling shareholders.In addition,the rank of different government levels background have different "record",in a different industry competition environment showed different degrees of "occupation" and "support" behavior.Concrete,high industry competition environment can promote the local controlling shareholder to support the ST companies,and restrain the occupation behavior of state-owned controlling shareholders,low industry competition environment could prompt the central support behavior of controlling shareholders and the occupation behavior of local controlling shareholders.In general,the higher the degree of competition in the industry,the more likely they support listed companies by related party transactions during the company is "ST".