股权集中下的大股东侵占和债务融资的关系研究评述

Review on Relationship between Big Shareholders Expropriation and Debt Financing under Concentrated Ownership Structure

中文关键词:  股权集中  大股东侵占  债务融资

英文关键词:concentrated ownership  big shareholders expropriation  debt financing

中文摘要:

      股权集中下大股东侵占及其对债务融资活动的影响是公司金融领域的最新研究热点。在介绍了股权集中现象及实现方式以后，考察了债务融资中大股东的代理风险及衡量方法，综述了大股东代理风险对于债务融资规模、期限结构和融资成本的影响。最后，展望了该领域未来的研究方向，尤其是如何结合中国特殊的制度背景展开相关研究。

英文摘要:

      Big shareholders expropriation and its influence on debt financing under concentrated ownership are the latest research trend in the field of corporate finance. This paper first introduces the phenomenon of concentrated ownership and the way of achieving it, then inspects the agency risk of big shareholder in debt financing and its measurement, summarizes the influence of big shareholders agency risk upon the scale, term structure and cost of debt financing. Finally, an outlook is made to the future research in the field, focusing on how to do research combining Chinas special system.