第一大股东持股的区间效应——基于上市公司的实证分析

实证结果表明,第一大股东对公司绩效同时存在激励效应和壁垒效应,第一大股东持股比例与公司绩效呈显著的N型相关关系,即在第一大股东持股占据绝对控股地位(40%)之前,第一大股东的持股具有积极的治理功能;超过了这个区间,大股东的持股对公司绩效则具有消极作用;而随着第一大股东持股的进一步上升(65%以上),控股股东吸取个人利益的动力又会弱化,大股东股权的增加又会导致公司绩效的增加。此外,第一大股东性质对权益激励的影响也因第一大股东持股区间的不同而异,仅在20%~40%这个区间范围内,国家股与公司绩效呈现负相关关系且结果并不显著,而在其他的区间范围,国家股的持有与公司成长性呈现显著的正相关。

Regional Effect of the Largest Shareholder:Evidence from the Listed Company in China

Our empirical results show that the largest shareholder has the incentive and entrenchment effects,that is,we find a N-shaped relationship between the largest shareholding's equity ownership and firm value.This article shows that the firm value increases with the equity ownership of the largest shareholders,consistent with a positive incentive effect,when the largest equity ownership is less than 40 percent of the whole share.Then firm value falls when the proportion of the largest shareholder's rights increases to 65 percent,consistent with an entrenchment effect.But with the increase of the share of the largest shareholding,firm value increases again.