文章摘要
石贤佳.企业生命周期、股权集中度与非效率投资[J].国土资源科技管理,2020,37(4):81-94
企业生命周期、股权集中度与非效率投资
Enterprise Life Cycle,Ownership Concentration and Inefficient Investment
  
DOI:
中文关键词: 生命周期  股权集中度  非效率投资
英文关键词: life cycle  ownership concentration  inefficient investment
基金项目:
作者单位
石贤佳 中国冶金地质总局三局,山西太原030002 
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中文摘要:
      以2012—2018年中国A股上市公司为样本,考察了股权集中度对不同生命周期的公司投资效率影响的动态演化。研究结果表明:(1)无论公司处于哪个生命阶段,控股股东持股比例、第二至第五大股东对于控股股东的制衡均与过度投资无显著相关性,即控股股东、其他大股东对控股股东的制衡对过度投资既无负面刺激作用,也无抑制的积极影响,没能发挥应有的公司治理效应;前五大股东间的股权分布不均衡对过度投资的成长期公司产生了加剧的消极效应,在过度投资的成熟或衰退期公司也没有发挥积极的抑制过度投资的效用。(2)控股股东、前五大股东间股权分布的不均衡会对在成长期和成熟期的公司加剧投资不足问题,产生消极的刺激投资不足的后果。无论处于哪个时期,第二至第五大股东对于控股股东的制衡度对投资不足均存在抑制的积极影响,促进积极的公司治理效应。
英文摘要:
      Taking A share companies listed in Shanghai and Shenzhen Stock Exchanges from 2012 to 2018 as samples,this paper investigates the dynamic evolution of the influence of ownership concentration on investment efficiency of companies with different life cycles.The results show that:regardless of the life stage of the company,the share ratio of the controlling shareholders and the checks and balances of the second to fifth largest shareholders on the controlling shareholders have no significant correlation with over investment.That is to say,they have neither negative stimulus nor positive inhibition on over investment,and fails to play its due corporate governance effect.The imbalance of ownership distribution among the top five shareholders has aggravated the negative effect on the growth period of over investment,and the company has not played an active role in restraining over investment in the mature or recession period of over investment.The imbalance of equity distribution among the controlling shareholders and the top five shareholders will aggravate the problem of under investment in the growth and maturity period of the company,and produce negative consequences of stimulating under investment.No matter in what period,the checks and balances of the second to fifth largest shareholders on the controlling shareholders have a positive impact on the problem of under investment and can promote positive corporate governance effect.
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