Share Structure and Top Manager Fraud of Listed Companies ——Empirical Analysis Based on Chinese Cases in Listed Companies
Jiang Xi-ming · Journal of Shanxi Finance and Economics University · 2007
This study empirically tests the relationship between share structure and top manager fraud by choosing 25 A-share listed companies penalized by China Securities Regulatory Commission for top manager fraud spanning from 2000 to 2005 and the corresponding 25 matched companies as research samples.The results show: the state shares are significant positively related to the likelihood of top manager fraud,while the percentage of tradable shares and the largest shareholder shares are negatively associated with the occurrence of top manager fraud; the percentage of legal person shares and the top manager shareholding shares are no significant correlation with top manager fraud.