如何防范大股东侵占，保护中小投资者的利益，已经成为当前证券市场亟待解决的问题。
Now the urgent problem which should be solved is how to keep controlling shareholders' tunneling within limits and protect the benefits of minority shareholders.
通过建立博弈模型，分析存在大股东侵占的情况下，小股东、法人股东与债权人对大股东的监督博弈问题。
Major shareholder control induces the abuse of ownership of large shareholder, which results in the entrenchment of minority shareholders and creditors and decreases the value of corporation.
大股东侵占的理论基础是大股东与中小股东之间的代理问题，而代理问题产生的条件是控制权与现金流量权的分离。
It is the main problem that this paper to be studied. The theoretical basis of large shareholders expropriation is the agency problem between large shareholders and medium-small shareholders.
由于股票市场的制度性缺陷，致使大股东侵占上市公司资金的现象大量存在，必须积极探索多种渠道解决上市公司资金被侵占的问题。
For the defaclt which exist in the Chinese stockmarket s system , there are many big stockholders occupy the corporations fund .
大股东现金股利侵占度的实证分析。
Experimental analysis on large shareholder cash dividend expropriation degree.
人们一方面认为国有上市公司所有者缺位，另一方面又指责上市公司大股东对中小股东价值的侵占行为。
On the one hand, people realize the vacancy of the owner of the national listed company, on the other hand, they criticize the inference of the big shareholders to the medium and small ones.
本文的研究结果显示，第一大股东的持股比例对上市公司的资金侵占和现金股利政策有重要影响。
The results shows that the equity rate of the large shareholder have an important impact on the embezzlement and the cash dividend policy.
上市公司发行股票筹集的资金总是被大股东无偿侵占，这是大股东主要通过会计程序寻租的结果。
Raised fund of a Listed Companies is often freely seized by the largest shareholder, because of the accounting rent-seeing application of the largest shareholder.
上市公司的大股东是否直接或以现金股利方式间接侵占公司资金一直是困绕学术界和实务界的共同问题。
Whether or not the large shareholders of listed companies embezzle the funds directly or use an indirectly way by using the cash dividend policy is a problem, which puzzled the academia a long time.
资金侵占和现金股利同是大股东实现自身股权价值最大化的方式，两者具有相互替代性(负相关)。
Both the embezzlement and the cash dividend are the ways to maximize the value of shares by the biggest shareholders. Both of them are replaceable (negative correlation).
摘要：目前我国证券市场上存在不少上市公司大股东或实际控制人侵占上市公司资金的行为，严重影响了上市公司的正常经营。
Abstract: Many major shareholders of listed companies or actual controller by listed companies' funds in China's stock market at present. Listed companies had been affected.
第一大股东的持股比例与现金股利高度正相关，与资金侵占呈先上升后下降的倒“U”关系。
The equity rate of the large shareholder has positive impact on the cash dividend, and it has a reversed"U"relationship whit the embezzlement, witch first rising and then declining.
研究结果表明：（1）大股东的侵占行为是导致上市企业资本配置行为扭曲、资本配置非效率的一个重要原因；
The conclusions show that:(1) large shareholder's expropriation is one of the most important reasons leading to distortion and inefficiency of capital allocation;
研究结果表明：（1）大股东的侵占行为是导致上市企业资本配置行为扭曲、资本配置非效率的一个重要原因；
The conclusions show that:(1) large shareholder's expropriation is one of the most important reasons leading to distortion and inefficiency of capital allocation;
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