连锁股东、管理层持股与投资效率  

Cross-Ownership,Management Shareholding and Investment Efficiency

作　　者：夏秀芳[1] 王苗颖 Xia Xiufang;Wang Miaoying(School of Business,Qingdao University of Technology,Qingdao 266520,China)

机构地区：[1]青岛理工大学商学院,山东青岛266520

出　　处：《科技创业月刊》2025年第3期121-129,共9页Journal of Entrepreneurship in Science & Technology

基　　金：山东省社会科学规划项目“基于不同混改模式的山东国有企业治理效率提升研究”(21CGLJ11)。

摘　　要：投资效率是企业经济高质量发展的重要内涵,在全面深化资本市场改革的大背景下,连锁股东作为同行业企业间的经济纽带,其多元化资本的属性在企业投资决策中发挥何种作用值得关注。基于此,选取2007-2022年中国沪深A股上市公司为样本,探讨连锁股东对企业投资效率(投入产出)的影响,并分析了管理层持股对二者关系的调节作用,同时进行了市场化程度下的异质性分析。实证结果表明,连锁股东对企业投资效率发挥了负向作用;相较于管理层持股比例高的企业,管理层持股比例低的企业能够强化连锁股东对企业投资效率的负向作用。进一步分析发现,上述关系仅在市场化程度低的地区中存在。研究结论为市场监管部门在指导与规范连锁股东行为方面提供了重要参考,有助于促进资本市场的稳定运行,推动经济高质量发展。Investment efficiency is an important connotation of the high-quality development of the enterprise economy.In the context of comprehensively deepening the reform of the capital market,chain shareholders,as an economic link between enterprises in the same industry,are noteworthy for what role the attributes of their diversified capital play in the enterprise's investment decision-making.Based on this,a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2007 to 2022 was selected to explore the impact of chain shareholders on corporate investment efficiency(input-output),and the moderating effect of management shareholding on the relationship between the two is analysed,as well as the analysis of heterogeneity under the degree of marketisation.The empirical results show that chain shareholders play a negative role in the investment efficiency of firms;compared with enterprises with a high proportion of management shareholding,enterprises with a low proportion of management shareholding are able to strengthen the negative role of chain shareholders on the investment efficiency of enterprises.Further analysis reveals that the above relationship exists only in regions with low marketisation.The findings of the study provide an important reference for market regulators in guiding and regulating the behaviour of chain shareholders,which will help promote the stable operation of the capital market and facilitate the economy to achieve high-quality development.

关 键 词：连锁股东 投资效率 管理层持股 市场化程度 

分 类 号：F832.51[经济管理—金融学]