多个大股东、国有控制权转移与控制性投资  

Multiple Large Shareholders,Control Transfer of State-owned Enterprises and Controlling Investment

作　　者：步丹璐[1] 文彩虹[1] 李衍霖 BU Dan-lu;WEN Cai-hong;LI Yan-lin(Southwestern University of Finance and Economics,Chengdu 611130,China)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《当代财经》2023年第6期81-93,共13页Contemporary Finance and Economics

基　　金：国家社会科学基金后期资助项目“政府治理与国有企业改革经验--基于中国政治经济理论的智慧”(19FGLB045);中央高校基本科研业务费项目“高水平开放下外资控股与优势资产布局--基于中国上市的微观证据”(JBK2304028);西南财经大学阐述党的二十大精神专项项目“完善推动全体人民共同富裕的体制机制和政策体系研究”(JBK230108)。

摘　　要：控制性投资能提高内部资本运营效率,但也可能增加代理问题。运用2007—2019年沪深A股上市公司数据,采取动态双重差分模型检验国有控制权转移对控制性投资的影响及其机制的结果表明:国有控制权转移促进了控制性投资,国有控制权转移主要通过控股股东掏空效应来增加控制性投资,多个大股东对国有控制权转移的控制性投资促进效应具有负向治理作用。进一步分析发现,国有控制权转移的公司通过控制性投资实现了行业变更和规模扩张,但其更倾向于高溢价控制性投资且扩张效益较低。此外,国有控制权转移对控制性投资的影响存在明显的时间滞后效应。上述研究结论从控股股东掏空效应和多个大股东治理效应的视角,揭示了国有控制权转移是影响公司控制性投资的重要因素,不仅为投资者等利益相关者甄别公司控制性投资行为提供了经验证据,还为国有企业混合所有制改革中股权设计提供了政策参考。Controlling investment can improve the operating efficienc y of the internal capital,while it may also increase the agency problems.Using the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2019,this paper applies the dynamic DID model to examine the impact of the transfer of the state-owned control on the controlling investment and its influencing mechanism.The results show that the transfer of the control of state-owned enterprises has promoted the controlling investment,and that the control transfer of state-owned enterprises can increase the controlling investment mainly through the tunnelling effect of the controlling shareholders.The multiple large shareholders have a negative governance effect on the controlling investment promotion effect of state-owned control rights transfer.Further analysis shows that the companies with state-owned control transfer can achieve industry changes and scale expansion through the controlling investment,but they tend to controlling investment with higher premium and lower expansion efficiency.In addition,the control transfer of state-owned enterprises has an obvious time effect on the controlling investment.From the perspective of the tunnelling effect of the controlling shareholders and the governance effect of the multiple large shareholders,the above-mentioned conclusion reveals that the transfer of the state-owned control is an important factor affecting the corporate controlling investment,which not only provide empirical evidences for the investors and other stakeholders to screen the corporate controlling investment behaviors,but also provide policy references for the stock right design in the mixed ownership reform of state-owned enterprises.

关 键 词：国有控制权转移 控制性投资 多个大股东 掏空效应 

分 类 号：F276.1[经济管理—企业管理]