没有最终控制者和投资效率:来自中国的证据
Jidong Qin1, Jiawei Liu2, Dan Deng1
1Business School, Chengdu University of Technology, Chengdu, China.
PloS one
|June 23, 2023
概括
没有最终控制者 (UC) 的企业投资效率较低,导致投资不足. 这种缺席加剧了代理机构的问题和融资限制,对公司价值产生了负面影响.
科学领域:
- 企业金融公司财务
- 公司治理 公司治理
- 投资效率 投资效率 投资效率 投资效率
背景情况:
- 现代企业的权力分离需要监督.
- 最终控制器 (UC) 可以影响战略,效率和治理.
- 集团公司的监控减轻了管理层的根深蒂固.
研究的目的:
- 实证测试没有UC对投资效率的影响.
- 分析代理机构问题和融资约束的调解作用.
- 检查由于缺少UC而导致低效投资的经济后果.
主要方法:
- 利用了中国A股上市公司 (2007-2020) 的数据.
- 分析了关于最终控制者的年度报告披露.
- 采用经验测试和机制分析.
主要成果:
- 没有UC的企业的投资效率明显较低.
- 投资不足是这种效率低下的一个关键表现.
- 在较弱的金融和治理环境中,负面影响更为明显.
结论:
- 最终控制者对于有效的内部公司治理至关重要.
- 在监控管理和解决机构冲突方面,UC发挥着至关重要的作用.
- 缺少UC导致投资不足,损害未来的公司价值,同时增加经理薪酬.
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