非控股大股东与公司投资决策  

Non-Controlling Large Shareholders and Corporate Investment Decision

作　　者：廖佳 占云 LIAO Jia;ZHAN Yun(Business School,Huaqiao University,Quanzhou 362021,China;School of Economics,Jinan University,Guangzhou 510632,China)

机构地区：[1]华侨大学工商管理学院,福建泉州362021 [2]暨南大学经济学院,广东广州510632

出　　处：《中南财经政法大学学报》2023年第3期3-15,共13页Journal of Zhongnan University of Economics and Law

基　　金：华侨大学高层次人才科研启动费项目“非控股大股东治理与公司投融资决策”(22SKBS020)。

摘　　要：本文以2004—2019年我国A股上市公司为样本,考察非控股大股东对公司投资决策的影响,研究发现,非控股大股东显著提升了公司投资支出—投资机会敏感性。异质性分析结果表明,相比控股股东未股权质押的公司,非控股大股东对投资支出—投资机会敏感性的影响在控股股东股权质押的公司中更显著;相比经济政策不确定性较低的时期,非控股大股东对公司投资支出—投资机会敏感性的影响在经济政策不确定性较高的时期更显著。进一步考虑非控股大股东异质性发现,相较于国有非控股大股东与其他非控股大股东,外资非控股大股东对公司投资支出—投资机会敏感性的正向影响更显著。经济后果分析表明,非控股大股东对投资决策的积极影响最终能够提升公司的增长和清算期权价值。Using the sample of Chinese A-share listed companies from 2004 to 2019,this study examines the impact of non-controlling large shareholders on corporate investment decisions.The results show that non-controlling large shareholders significantly enhance the sensitivity of corporate investment expenditure to investment opportunities.The results of heterogeneity analysis show that compared with companies without controlling shareholders'equity pledges,the impact of non-controlling large shareholders on the sensitivity of corporate investment expenditure to investment opportunities is more significant in companies with controlling shareholders'equity pledges.Compared with the period of low economic policy uncertainty,the impact of non-controlling large shareholders on the sensitivity of corporate investment expenditure to investment opportunities is more significant in the period of high economic policy uncertainty.Further considering the heterogeneity of non-controlling large shareholders,we find that compared with state-owned large shareholders and other large shareholders,foreign large shareholders have a stronger positive impact on the sensitivity of corporate investment expenditure to investment opportunities.The economic consequence analysis shows that the positive impact of non-controlling large shareholders on corporate investment decisions can eventually enhance the value of growth options and liquidation options.

关 键 词：非控股大股东 投资决策 期权价值 股权质押 经济政策不确定性 

分 类 号：F276[经济管理—企业管理]