多个大股东、创新投资与市场表现——基于倾向得分匹配法(PSM)的分析  

Multiple Large Shareholders,Innovative Investment and Market Performance——Analysis Based On The Propensity Score Matching Method(PSM)

作　　者：田昆儒 田雪丰 TIAN Kun-ru;TIAN Xue-feng(Accounting School,Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学会计学院

出　　处：《华东经济管理》2019年第12期119-128,共10页East China Economic Management

基　　金：国家社会科学基金项目“环境规制与企业环境责任履行耦合机制及地区异质性研究”(18BGL185);天津市社会科学规划项目“基于股权稳定性的中国上市公司现金股利政策研究”(TJGL15-015)

摘　　要：理论分析和经验证据表明多个大股东具有监督与合谋两种效应,不仅可能影响企业创新投资决策,还可能影响企业创新投资的市场表现。基于已有文献,文章以2007-2017年中国A股上市公司为初始研究样本,采用倾向得分匹配法控制内生性后检验了多个大股东对企业创新投资的影响以及不同股权结构公司创新投资的市场表现是否存在差异。研究发现:多个大股东显著增加了创新投资,且在控股股东相对控股时更显著;进一步研究发现,相对于单一大股东公司,多个大股东公司创新投资能带来更好的市场表现:股价崩盘风险显著降低、超额收益显著提高。研究丰富了多个大股东经济后果以及企业创新投资影响因素领域的文献,对于促进我国企业创新,优化股权结构具有重要的实践意义。Theoretical analysis and empirical evidence show that multiple large shareholders have two effects of supervision and collusion,which may not only affect the decision-making of enterprise innovation investment,but also affect the market performance of enterprise innovation investment.Based on existing literature,this paper takes China's A-share listed companies from 2007 to 2017 as the initial sample,and employs propensity score matching method to test the effect of the multiple large shareholders on invest in innovation and the influence of different ownership structure innovation investment market whether there are differences.The results show that multiple major shareholders have significantly increased their investment in innovation,and it is more significant when controlling shareholders are relatively controlling.Further studies have found that innovative investments by company with multiple large shareholders can bring better market performance:the risk of stock price collapse is significantly reduced and the excess returns are significantly increased.The research of this paper is of great significance to promote the innovation of Chinese enterprises and optimize the equity structure.

关 键 词：多个大股东 创新投资 控制权 超额收益 股价崩盘风险 

分 类 号：F271[经济管理—企业管理] F273.1[经济管理—国民经济]