多个大股东在企业长期投资的角色:“助推器”还是“抑制剂”  

The Role of Multiple Large Shareholders in Long-term Investment in Enterprises:"Booster"or"Inhibitor"?

作　　者：陈奋强 王焰辉 CHEN Fenqiang;WANG Yanhui(School of Economics and Management,Fuzhou University,Fuzhou,Fujian 350108)

机构地区：[1]福州大学经济与管理学院,福建福州350108

出　　处：《管理现代化》2023年第3期37-45,共9页Modernization of Management

基　　金：国家自然科学基金项目“监管问询、公司外部治理与股价信息效率”(71902035)。

摘　　要：厘清多个大股东在企业长期投资决策中所扮演的角色及其治理机制,无疑是关乎企业能否实现高质量发展的重要议题。文章以我国A股上市公司2007-2020年的数据作为研究样本,实证检验了多个大股东的股权结构对企业长期投资强度的影响及其内在作用机理。研究结果表明:多个大股东并存对企业长期投资强度具有显著正向影响,具体而言,拥有多个大股东的企业,其长期投资强度更高,说明多个大股东在企业长期投资决策中扮演了“助推器”的角色;作用机制检验显示,多个大股东通过抑制管理者短视和缓解融资约束两条作用渠道改善企业投资偏好,提升企业长期投资强度;进一步分析发现,多个大股东发挥的企业长期投资强度提升效应在其他大股东数量更多、其他大股东持股比例更大、公司治理水平较高的企业中表现得更为显著。多维度研究结论对企业完善股权结构、优化投资决策行为和实现高质量发展具有重要的实践参考价值。Clarifying the role and governance mechanism of multiple large shareholders in long-term investment decision-making of enterprises is undoubtedly an important issue related to whether enterprises can achieve high-quality development.Using data from A-share listed companies in China from 2007 to 2020 as the research sample,this article empirically tests the impact of the ownership structure of multiple large shareholders on the long-term investment intensity of enterprises and its internal mechanism.The results show that the coexistence of multiple large shareholders has a significant positive impact on the long-term investment intensity of enterprises.Specifically,enterprises with multiple large shareholders have higher long-term investment intensity,which indicates that multiple large shareholders play a role as"booster"in the long-term investment decision-making of enterprises;The mechanism test shows that multiple large shareholders improve the investment preference of enterprises and enhance the long-term investment intensity of enterprises through two channels:inhibiting managerial myopia and easing the financing constraints;Further analysis shows that the effect of multiple large shareholders on enhancing the long-term investment intensity of enterprises is more significant in enterprises with more other large shareholders,larger shareholding ratio of other large shareholders,and higher corporate governance levels.The multi-dimensional research conclusions have important practical reference value for enterprises to improve their ownership structure,optimize their investment decision-making behavior and achieve highquality development.

关 键 词：多个大股东 长期投资强度 管理者短视 融资约束 公司治理 

分 类 号：F270[经济管理—企业管理]