控股股东持股比例如何影响企业生产率

How Shareholding Ratio of Controlling Shareholder Affect Firm Productivity

中文关键词:  企业生产率  控股股东  监督效应  分析师跟踪  产品市场竞争  会计师事务所规模

英文关键词:firm productivity  controlling shareholder  monitoring effect  analyst tracking  product market competition  scale of accounting firm

中文摘要:

      企业生产率的持续提升可以帮助企业在激烈的市场竞争中获得超额利润,进而为股东创造出更高的价值。基于2007—2018年中国上市公司的数据,研究了控股股东持股比例对企业生产率的影响。研究结果表明,控股股东持股比例的提升促进了企业生产率的改善。进一步对作用机制进行研究发现,在分析师跟踪更少、产品市场竞争程度更低、小事务所审计的企业中,控股股东持股比例对企业生产率的促进作用更加明显,表明控股股东持股比例的提高可以通过“监督效应”促进企业生产率。监管部门应充分意识到股权结构对企业生产率的影响,进一步加强投资者保护；上市公司也应更加注重完善治理水平,不断优化股权结构,提升企业生产率。

英文摘要:

      The continuous improvement of firm productivity can help enterprises to obtain excess profits in the fierce market competition, thereby creating higher value for shareholders. Based on the data of China's listed companies during the years from 2007 to 2018, the effect of controlling shareholder's shareholding ratio on firm productivity was studied. The research results show that the increase in the shareholding ratio of the controlling shareholder promotes the improvement of firm productivity. Further research on the mechanism of action has found that among companies with fewer analysts tracking, lower product market competition, and audits conducted by small firms, the controlling shareholder's shareholding ratio has a more significant role in promoting firm productivity, indicating that the controlling shareholder's shareholding can promote firm productivity through the monitoring effect. Regulatory departments should be fully aware of the important role played by the shareholding structure in the process of firm productivity, and further strengthen the protection for investors. Also, the listed companies should pay more attention to improving the level of governance, continuously optimizing the equity structure and improving firm productivity. 