两只老虎不能住在同一座山上:第二大股东对控制股东道挖掘行为的影响
Jia Liao1, Yun Zhan2, Xiaoyang Zhao1
1Business School, Huaqiao University, Quanzhou, Fujian, China.
PloS one
|June 28, 2023
概括
第二大股东 (SLS) 有效地制了控制股东 (CS) 在中国公司的道挖掘. 这种治理效应在非国有企业和商业环境较好的地区更为强烈.
科学领域:
- 公司治理 公司治理
- 金融经济学 金融经济学
- 行为金融是行为金融.
背景情况:
- 在公司治理结构中,第二大股东 (SLS) 的存在是常见的.
- SLS作为控制股东 (CS) 的关键对称作用.
- 了解SLS在缓解潜在利益冲突方面的作用至关重要.
研究的目的:
- 分析SLS对控股股东道挖掘行为的监督作用.
- 在中国上市公司实证调查SLS对CS道挖掘的影响.
- 探索SLS治理效应中的异质性.
主要方法:
- 游戏理论矩阵来建模股东互动.
- 经验分析中国上市公司 (2010-2020年).
- 基于所有权类型和地区的异质性分析.
主要成果:
- SLS显著抑制了控股股东的道行为.
- 这种抑制作用在非国有企业 (NSOEs) 中更为明显.
- 在具有更好的商业环境的地区,SLS的治理作用更强大.
结论:
- 通过阻止CS道化,SLS发挥着重要的治理作用.
- 调查结果为管理多个大型股东 (MLS) 之间的冲突提供了洞察力.
- 支持SLS在加强上市公司的公司治理方面的重要性.
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