摘要
文章基于2012—2019年中国A股上市公司数据,检验企业内外部治理机制对企业僵尸化的影响和作用机制。研究结果表明:分析师关注可以降低企业僵尸化程度,有助于抑制新的僵尸企业形成。分析师关注通过提升企业的内部控制有效性,进而降低企业僵尸化,内部控制有效性在分析师关注对企业僵尸化的影响中发挥部分中介效应,进一步研究发现,市场化进程会削弱分析师关注降低企业僵尸化程度的作用强度,在市场化程度较低的地区,分析师关注降低企业僵尸化程度的作用会更加明显。
Based on the data of China’s A-share listed companies from 2012 to 2019,this paper examines the influence and mechanism of corporate internal and external governance mechanisms on corporate zombification.The results of the research show that analyst attention can reduce the degree of corporate zombification and help curb the formation of new zombie companies.Analysts can improve the effectiveness of corporate internal control,thereby reducing the degree of corporate zombification.The effectiveness of corporate internal control has a partial mediating effect in the impact of analyst attention on corporate zombification.Further research finds that the marketization process will weaken the strength of analyst attention to reducing the degree of corporate zombification,and in regions with a low degree of marketization,the role of analyst attention to reduce the degree of corporate zombification will be more obvious.
作者
胡海波
罗淇丹
HU Hai-bo;LUO Qi-dan(University of South China,Hengyang 421001,China)
出处
《南华大学学报（社会科学版）》
2022年第3期70-78,共9页
Journal of University of South China(Social Science Edition)
基金
国家自然科学基金项目“国有企业EVA考核、投资行为与可持续价值创造”资助(编号:71302173)
南华大学哲学社会科学基金项目“市场竞争、EVA考核与企业僵尸化”资助(编号:2017XYB03)。
关键词
分析师关注
内部控制有效性
企业僵尸化
市场化程度
analyst attention
effectiveness of internal control
corporate zombification
degree of marketization
