Dissertation Submitted to
Hebei GEO University
for
The Master Degree of
Business Administration
A Case Study on the Capital Occupation of Major Shareholders
of L Company, A Family Enterprise on the New Third Board
by
Jinghao Zhang
Supervisor: Xingrong Zhou
December 2021

摘要
新三板市场的成立，为不同的资本市场主体提供了更精准的服务，实现了资金的
有效对接，推动投资和融资的良性循环，为中小企业融资难问题提供了帮助,推动了
实体经济的发展。新三板市场作为我国多层次资本市场体系中重要的一环，由于发展
时间短，治理机制、监管机制尚不成熟，导致挂牌企业违规行为频频发生，大股东资
金占用就是突出问题之一，虽然全国中小企业股份转让系统加大了对大股东资金占用
问题的治理，并取得了一定成效，但是随着大股东资金占用手段愈来愈隐蔽、复杂，
给监管审查带来了一定的难度。大股东违规占用资金直接侵犯了中小股东的权益，打
击了市场投资者的信心，影响了新三板的市场形象以及挂牌企业的长久发展。
本文以新三板市场为背景，选取L公司为案例分析对象，将阐述公司大股东占用
资金的过程、手段以及产生的影响，分析占款得以成功实施的成因，并针对性地提出
完善的保障措施，对新三板挂牌企业的规范管理创新，为新三板的改革也可以提供可
靠的建议，以及推动新三板市场的制度建设具有重要意义。具体来说，公司大股东占
款手段主要有:直接资金拆借、用跟银行特殊的业务合作关系形成资金占用，以业务
招待费，代发员工工资等名义占用公司资金等。资金占用行为最直接的后果就是损害
公司形象，增加了公司摘牌风险，影响公司的长久发展，同时打击投资者的投资热情，
损害了中小股东以及债权人的利益，降低了新三板市场资源配置的有效率。通过分析
发现，大股东占款的内部成因主要有:股权过度集中，独立董事制度流于形式没有发
挥实质作用，导致重要关键岗位任人唯亲缺乏制约；公司外部成因主要有:违规惩罚
成本低、中介机构监管不力、新三板市场的固有缺陷。
关键词：新三板；家族企业；资金占用；公司治理
I

Abstract
The establishment of the new third board market provides more accurate services for
different capital market subjects, realizes the effective docking of funds, promotes the
virtuous cycle of investment and financing, provides help for the financing difficulties of
small and medium-sized enterprises, and promotes the development of the real economy.
The new third board market is an important part of China's multi-level capital market
system. Due to its short development time and immature governance mechanism and
supervision mechanism, violations of listed enterprises occur frequently, and the occupation
of major shareholders' funds is one of the prominent problems. Although the national share
transfer system of small and medium-sized enterprises has increased the governance of the
occupation of major shareholders' funds, And achieved some results, but with the major
shareholders' capital occupation means becoming more and more hidden and complex, it
has brought some difficulties to the regulatory review. The illegal occupation of funds by
major shareholders directly infringed on the rights and interests of minority shareholders,
hit the confidence of market investors, and affected the market image of the new third
board and the long-term development of listed enterprises.
Taking the new third board market as the background and selecting L company as the
case study object, this paper will elaborate the process, means and impact of the company's
major shareholders' occupation of funds, analyze the causes of the successful
implementation of the occupation of funds, and put forward perfect guarantee measures,
innovate the standardized management of listed enterprises on the new third board, and
provide reliable suggestions for the reform of the new third board, And promoting the
system construction of the new third board market is of great significance. Specifically, the
major shareholders of the company mainly occupy funds by means of direct fund lending,
fund occupation formed by special business cooperation with the bank, and occupation of
the company's funds in the name of business entertainment expenses and paying employees'
wages. The most direct consequence of capital occupation is to damage the company's
image, increase the risk of delisting, affect the long-term development of the company,
combat the investment enthusiasm of investors, damage the interests of minority
shareholders and creditors, and reduce the efficiency of resource allocation in the new third
board market. Through the analysis, it is found that the internal causes of the funds
occupied by major shareholders are as follows: the ownership is excessively concentrated,
III
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