投资者识别大股东支持和掏空的潜在可能——基于利益趋同效应与壕沟防守效应的经验研究

考察第一大股东持股与公司绩效之间的区间效应,检验了第一大股东持股处于不同区间时其持股比例与投资者评价之间的关系。研究结果发现,第一大股东持股处于"支持区间"时,投资者的评价趋向于与第一大股东持股正相关,而第一大股东持股处于"掏空区间"时,投资者(不包括债权投资者)的评价趋向于与第一大股东持股负相关。这表明中国投资者至少能够在一定程度上识别大股东支持和掏空的潜在可能。

Can Investors Perceive the Potential of the Big Shareholders'Support and Withdrawal:An Empirical Study Based on the Convergence of Interest Effects and the Entrenchment Effects

On the basis of the investigation of the zone effect between the biggest shareholder’s shareholding and corporate performance, this paper surveys the relationship between the share proportions of the first block shareholder when in different zones and the evaluations of the investors. The study results show that the first block shareholder is in support intervals, the evaluations of the investors tend to be positively relevant to him. When the first block shareholder is in complete withdrawal interval, the evaluations of the investors (excluding the credit investors) tend to be negatively relevant to the biggest shareholder's shareholding. This proves that the Chinese investors can perceive the potential of the big shareholders' support and withdrawal to a certain degree.