新疆上市公司股权结构与过度投资关系的实证研究

该文选取新疆2007—2012年数据完整的上市公司面板数据,通过构建计量经济模型,对新疆上市公司的股权结构与过度投资的关系进行实证分析。研究结果表明:由于新疆的上市公司相对于其他地区而言具有较为特殊的发展历程和历史背景,因而在疆内上市公司中,股权制衡对公司过度投资的影响作用不明显;而第一大股东持股比例,即股权集中度与疆内上市公司过度投资之间呈"倒U型"关系,且这种关系在前两大股东均持国有股份时较为显著。根据研究结果,提出通过改善疆内上市公司股权结构,减少国有大股东的持股比例,在企业中发展非国有股东、积极发挥公司内股东之间的制衡作用,来减少过度投资行为,提高投资效率,促进新疆上市公司的健康发展和新疆经济的腾飞。

Empirical Study of the Relationship Between Ownership Structure and Over-investment of Listed Companies in Xinjiang

Using the data integrity of 2007-2012 panel data of listed companies in Xinjiang and constructing an econometric model, this paper analyzes the relationship between the ownership structure and over-investment of listed companies in Xinjiang. The results show that： the balance mechanism of shareholding has no obvious impact on over-investment owing to the special development history and background of the listed companies in Xinjiang; the ownership concentration of listed companies in Xinjiang has an inverted U-shaped relationship with over-investment, which is prominent when the first two major shareholders hold state-owned shares. The paper thus puts forward such suggestions to accelerate a healthy development of listed companies and an economic takeoff in Xinjiang as improving the company’s ownership structure, reducing the proportion of large state-owned shareholders, developing non-state shareholders in the enterprise, actively enacting the balance mechanism of the shareholders.