关系股东视角的大股东控制与上市公司投资效率关系研究  

On the Relationship between Large Shareholder Control and Listed Company Efficiency from the Perspective of Interested Shareholder

作　　者：贾明琪[1] 杜蕊[1] 贾文劢 罗浩 JIA Ming-qi;DU Rui;JIA Wen-mai;LUO Hao(School of Management, Lanzhou University, Lanzhou 730000, Chin)

机构地区：[1]兰州大学管理学院,甘肃兰州730000

出　　处：《兰州大学学报（社会科学版）》2017年第5期137-147,共11页Journal of Lanzhou University（Social Sciences）

基　　金：兰州大学中央高校基本科研业务费专项资金(11LZUJBWZY050)

摘　　要：选择2011-2015年我国上海和深圳证券交易所民营上市公司作为研究样本,从关系股东视角对大股东控制进行了实证分析,研究了大股东对投资效率的影响。同时,更进一步讨论了企业的财务决策结果对其关系的调节作用。研究发现,第一大股东单独无法对投资效率产生影响;而前五大、前十大股东的持股状况对投资效率有显著的影响。而从股权制衡角度来看,无论是用Z指数还是用S指数来衡量股权制衡,都会对投资效率产生显著的影响。而当企业存在关系股东且持股比例较高时,就越有可能使得投资效率产生损失。进一步地关于财务决策的研究发现,当企业负债程度越高时,大股东导致的投资效率损失就会越少,就越会使得企业的投资效率得到改善。这在很大程度上是由于负债具有显著的治理作用造成的。By choosing the non state-owned companies listed in Shanghai and Shenzhen stock exchanges from 2011 to 2015, this paper conducts an empirical analysis on the large shareholder control from the perspective of interested shareholder to study the impact of large holders upon investment efficiency. Further, it discusses the adjusting role that an enterprise＇s financial decision-making results play in its relationship.According to the findings, the first majority shareholder can not have an impact upon investment efficiency independently; the shareholding ratio of the top 5 or 10 shareholders have remarkable impact upon the investment efficiency. From the perspective of equity restriction ratio, using Z index or S index in measuring equity restriction ratio will exert remarkable influence upon investment efficiency. When there are interested shareholders who have a larger ratio of shareholding, investment efficiency may be lower. Further studies on the financial decision making indicate, when an enterprise has higher loan level, investment efficiency loss caused by large holders will be less and the enterprise＇s investment efficiency will be improved. To a large extent, this results from liability＇s remarkable role in management.

关 键 词：大股东控制 投资效率 财务决策 资本结构 公司治理 

分 类 号：F275[经济管理—企业管理] F830.91[经济管理—国民经济]