摘要
控股股东之外的其他多个大股东可以监督和支持控股股东及管理层,从而影响企业财务压力管控效率。本文以2007-2018年的中国A股上市公司为样本,实证研究多个大股东对财务压力管控效率的影响。研究结果表明:当公司有多个大股东时,其财务压力管控效率更高,该结论在控制了潜在的内生性问题、样本自选择问题及不随时间变化的固定因素的影响后依然成立;多个大股东对财务压力管控效率的提升作用在国有企业中更显著;提高企业治理效率会强化多个大股东对财务压力管控效率的提升作用。本研究丰富了多个大股东和财务压力相关领域文献,对政府监管部门、上市公司和投资者具有借鉴意义。
Besides the controlling shareholder,many other substantial shareholders are empowered to supervise and support the controlling shareholder and the management,thus affecting the efficiency of financial pressure control.Based on the sample of Chinese A-share listed companies between 2007 and 2018,this paper conducts an empirical study on the impact of multiple substantial shareholders on the efficiency of financial pressure control.The results show that when the company has more than one substantial shareholder,the efficiency of financial pressure control improves.This conclusion stays valid after controlling the influence of potential endogenous problems,sample self-selection problems and time-independent fixed factors.Further research shows that such improvement is more evident in state-owned enterprises;improving corporate governance efficiency will strengthen the improvement as well.This study adds to the pool of literature regarding multiple substantial shareholders and financial pressure,and is ofreferential significance for government regulators,listed companies and investors.
作者
何凡
许雅玺
肖添
HE Fan;XU Yaxi;XIAO Tian(School of Economic and Management,Civil Aviation Flight Institute of China,DeYang 618307,Sichuan;Business School,Sichuan Normal University,ChengDu,610066,Sichuan)
出处
《攀枝花学院学报》
2022年第3期56-66,共11页
Journal of Panzhihua University
关键词
股东
财务压力管控效率
公司治理效率
股权性质
shareholders
efficiency of financial pressure control
corporate governance efficiency
nature of equity
