非控股大股东退出威胁与公司投资效率:资金优配还是投资短视  

Non-controlling Large Shareholders’Exit Threats and Investment Efficiency:Optimal Allocation of Funds or Investment Shortsightedness

作　　者：杨兴全[1] 李沙沙 李闯 YANG XingQuan;LI ShaSha;LI Chuang(Shihezi University,Shihezi 832000;Ocean University of China,Qingdao 266100;Shanghai University of Finance and Economics,Shanghai 200433)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000 [2]中国海洋大学管理学院,山东青岛266100 [3]上海财经大学会计学院,上海200433

出　　处：《财贸研究》2022年第11期69-81,110,共14页Finance and Trade Research

基　　金：国家自然科学基金项目“‘中国之治’的政府行为与企业创新:基于‘国家队’持股的研究”(72062027)。

摘　　要：以2009—2019年沪深A股上市公司为研究对象,探究非控股大股东退出威胁与投资效率间的内在关联。研究发现:非控股大股东退出威胁有利于公司更好地把握投资机会,提高投资-投资机会敏感性,具有资金优配效应;其作用路径为抑制管理层在职消费及控股股东掏空行为。异质性检验发现,当财富股价敏感性越高、股市压力越大、退出威胁可信性越强时,上述作用越显著。进一步研究表明,非控股大股东退出威胁对投资效率的影响主要源于对过度投资的抑制;且非控股大股东退出威胁利于投资机会较好公司获取增长期权价值,利于投资机会较差公司获取清算期权价值。Taking A-share listed companies from 2009 to 2019 as the research objects,this paper investigates internal relationship between non-controlling large shareholders’exit threats and investment efficiency.It is found that the non-controlling large shareholders’exit threats is beneficial to the company to better grasp investment opportunities and improve the sensitivity of investment-investment opportunities,which has the effect of optimal allocation of funds.Its action path is to restrain the on-the-job consumption of management and the hollowing-out behavior of controlling shareholders.The heterogeneity test shows that the higher the sensitivity of wealth stock price,the greater the stock market pressure and the stronger the credibility of exit threat,the more significant the above effects.Further research shows that the influence of the non-controlling large shareholders’exit threats on investment efficiency mainly comes from the suppression of excessive investment.Moreover,the non-controlling large shareholders’exit threats is beneficial to the promotion of the growth option value of companies with better investment opportunities and the increase of liquidation option value of companies with worse investment opportunities.

关 键 词：非控股大股东 退出威胁 资金优配 投资短视 投资效率 

分 类 号：F275[经济管理—企业管理]