CAJ | 학술논문

使用中国A股市场2001～2006年的所有A股非金融类上市公司为初始样本,从公司股权结构两个维度即股权集中度和股权性质的角度来分析其对公司过度投资水平的影响,得出以下结论：第一大股东的持股比例与企业过度投资水平之间正相关关系,而且呈倒U型关系;第二大股东在抑制大股东投资冲动方面发挥了治理效率,起到了一定的股权制衡作用,但是整体上股权制衡抑制过度投资水平效果不好,反而有加剧投资水平的特征;与民营企业控股公司相比,在地方政府或地方国企控股的公司存在显著的过度投资问题,但是在中央国企控股和外资控股没有发现过度投资现象。这些证据为我国股权结构治理的改善和证券监管部门提供了新的思路。
사용중국A고시장2001～2006년적소유A고비금융류상시공사위초시양본,종공사고권결구량개유도즉고권집중도화고권성질적각도래분석기대공사과도투자수평적영향,득출이하결론：제일대고동적지고비례여기업과도투자수평지간정상관관계,이차정도U형관계;제이대고동재억제대고동투자충동방면발휘료치리효솔,기도료일정적고권제형작용,단시정체상고권제형억제과도투자수평효과불호,반이유가극투자수평적특정;여민영기업공고공사상비,재지방정부혹지방국기공고적공사존재현저적과도투자문제,단시재중앙국기공고화외자공고몰유발현과도투자현상。저사증거위아국고권결구치리적개선화증권감관부문제공료신적사로。
This paper uses all a-share non-financial listed companies in China during 2001 to 2006 as initial samples to analyze how the two dimensions of the ownership structure affect over-investment of companies.The conclusions are as follows： there is a positive correlation between the share ratio of the largest shareholder and over-investment level,also inverted U-shaped correlation;the second largest shareholder plays a role in restraining over-investment impulse,but overall the ownership balance curbing over-investment is not good and on the contrary it has increased the level of investment;compared with the private-owned companies,local government-owned enterprises have significant over-investment problem,but there are no over-investment in central government-owned companies and foreign holding companies.These evidences provide a new idea to improve the governance of ownership structure and for the security regulators.