外资控股股东转移了企业利润吗？——基于佳通轮胎的案例研究

外资控股股东转移了企业利润吗？——基于佳通轮胎的案例研究

Have Foreign Holding Shareholders Transferred Profits? A Case Study of Giti Tire Co. Ltd.

《财经研究》2023年49卷第9期 页码：109 - 123 online：2023年9月3日

作者

中：步丹璐1 , 王多仁1 , 王钰涵1 , 郭枫2

英：Bu Danlu1, Wang Duoren1, Wang Yuhan1, Guo Feng2

作者单位：1. 西南财经大学 会计学院，四川 成都 611130; 2. 华创证券，贵州 贵阳 550000

摘要及关键词

摘要：近年来，我国引入外资规模稳居全球前列，而外资企业亏损率远高于内资企业，这是正常经营亏损还是刻意转移利润？文章以我国外资并购第一股−佳通轮胎为例，溯源合并报表与母公司报表数据差异，分析了2003—2020年佳通轮胎的经营行为嬗变过程，探索了外资控股中国上市公司后的利润流向情况。研究发现，外资股东首先依靠制度红利低价收购上市公司股权；随后通过资产减值、置换等方式使上市公司母公司丧失经营资产，成为“空壳”，并通过控制子公司供销渠道、高额现金股利和业绩承诺实现利润回流；最后，试图通过股改退出中国资本市场。这些行为使外资股东既转移了在中国公司的利润，又获得了中国人口红利和环境红利所带来的经济利益。文章为分析外资行为路径提供了思路，也为完善我国资本市场制度提供了现实依据。

关键词：外资控股；行为嬗变；利润流向；制度完善

Summary: The continuous increase in the scale of foreign investment has made important contributions to China’s economic development. Meanwhile, the loss rate of foreign-funded enterprises is much higher than that of domestic-funded enterprises. Whether the phenomenon of high losses in foreign-funded enterprises is normal operating losses or deliberately shifting profits needs to be further explored. This paper takes the acquisition of the first share of a Chinese company (Giti Tire) by foreign capital as an example to discuss the specific behavior of foreign capital after entering China in the past 20 years and its impact on the company’s profit flow. It is found that foreign capital has implemented the following behaviors after entering China: First, foreign shareholders obtained the equity of listed companies from original state-owned controlling shareholders below the market value. Second, foreign shareholders accrued high-quality assets from original shareholders. Third, foreign shareholders exchanged all assets and liabilities of listed companies with the equity of their controlled subsidiaries, making listed companies an “empty shell”. Fourth, foreign shareholders tried to pass the share structure reform to exit China, but it was unsuccessful due to minority shareholders and regulatory inquiries. The profit flow of listed companies has been made by foreign shareholders: First, they acquire profit return by controlling supply and marketing channels. Second, they use high cash dividend distribution to acquire profit return. Third, they adopt performance commitments to accelerate profit backflow. This paper further finds that: (1) Foreign capital has gained demographic dividends, environmental dividends and economic interests in China. (2) A sound governance mechanism and an effective supervision system have curbed the profit-seeking behavior of foreign capital and effectively alleviated the Type II agency problem. The following suggestions are put forward: (1) A market participation mechanism for fair competition should be established, allowing foreign capital to compete with other domestic enterprises in an equal and reciprocal form. (2) Regulators should improve the governance system of listed companies, actively encourage small and medium shareholders to participate in the governance of listed companies, and give them the power to protect their own interests. (3) The regulatory inquiry mechanism should be actively used to ease the operation of small and medium shareholders and listed companies. The possible contributions of this paper are that: (1) It explains why the loss rate of foreign-funded enterprises is much higher than that of domestic-funded enterprises, and provides some evidence from a microscopic perspective. (2) It analyzes the behavior of foreign capital and its impact on profit flow by tracing the differences in parent and subsidiary report data, and analyzes the profit flow within the group from the differences between the consolidated statement and the parent company’s statement. (3) The case analysis method can clarify the underlying reasons for the changes in the behavior of foreign shareholders, and make up for the fact that the archival research emphasizes the average characteristics and ignores the microscopic characteristics of enterprises.

Key words: foreign holdings; behavior evolution; profit flow; system improvement boundaries

其他信息

DOI：10.16538/j.cnki.jfe.20220716.102

收稿日期：2021-11-30

基金项目: 国家社会科学基金后期资助项目（19FGLB045）；中央高校基本科研业务费专项资金项目（JBK2202037）

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