第二大股东持股的治理效应——基于上市公司的实证分析

本文以763家上市公司2003年的横截面数据为样本,通过考察公司绩效与第二大股东持股之间的经验关系,考察了第二大股东持股的治理功能。通过结合上市公司数据建立一个多元模型,来说明第二大股东是如何监督第一大股东,影响公司价值的。研究发现,我国并不存在有效的股权制衡机制,第二大股东的存在没有显示出积极的治理激励功能,没有反映出第二大股东对第一大股东的监督激励作用。在我国目前的制度背景下,相对控股是一种最佳的平衡状态。

The Effect of Second Largest Shareholder in Corporate Governance:Evidence from the Listed Companies in China

This paper investigates 763 listed corporations in SHSE,checks the empirical relationship between firm value and the second largest shareholding. The author finds that there is not a linear relationship between firm performance and share holding by the second largest shareholder,and the monitoring effect of the second largest shareholder is very weak. At the same time,this article shows that,under the present economic surrounding in China,moderate control of the largest shareholding is the best way to keep balance among stakeholders.