大股东资金占用对上市公司投资效率的影响研究

近年来受到政府政策影响,国内融资环境持续收紧,导致上市公司资金占用问题越发严重。文章采用2006年至2021年A股上市公司的相关数据,研究两类资金占用问题对企业投资效率的影响,结果表明:企业经营性资金占用水平越高,投资过度现象越严重；企业集团会加剧经营性资金占用对投资过度的影响；企业非经营性资金占用水平越高,投资不足现象越严重；企业集团会减弱非经营性资金占用对投资不足的影响。上述研究结论表明,资金占用会以不同形式影响企业投资效率,企业集团的存在会进一步影响上述关系。最后,文章提出一些优化企业治理和投资决策的建议。

Research on the Influence of Capital Occupation of Major Shareholders on Investment Efficiency of Listed Companies

In recent years, under the influence of government policies, the domestic financing environment has continued to tighten, resulting in the problem of capital occupation of listed companies becoming more and more prominent. This paper uses the relevant data of A-share listed companies from 2006 to 2021 to study the impact of two types of capital occupation problems on the investment efficiency of enterprises. The results show that:(1) The higher the level of corporate operating capital occupation, the more serious the over-investment phenomenon; (2) Enterprise groups will aggravate the impact of operating capital occupation on over-investment; (3) The higher the level of non-operating capital occupation of enterprises, the more serious the under-investment phenomenon; (4) Enterprise groups will weaken the effect of non-operating capital occupation on insufficient investment. The above research conclusions show that capital occupation will affect the investment efficiency of enterprises in different forms, and the existence of enterprise groups will further affect the above relationship. Finally, the study proposes some suggestions for optimizing corporate governance and investment decisions.