营商环境对大股东掏空的影响研究

作为宏观经济环境的重要形式之一,营商环境影响到微观企业财务行为的诸多方面,但有关其对大股东掏空的影响及机制检验的研究尚且不足。基于此,文章以中国资本市场2008—2018年间A股上市公司为研究样本,实证考察营商环境对大股东掏空的影响。研究发现:营商环境与大股东掏空呈现显著的负相关关系,表明优化营商环境有利于抑制大股东掏空;相较于非国有企业,营商环境对大股东掏空的抑制作用在国有企业中更为明显;进一步的影响机制检验揭示,优化营商环境可以改善内部控制质量、提高审计质量和增强企业信息透明度,以上构成了营商环境抑制大股东掏空的主要影响路径。以上结论丰富了优化营商环境的经济后果相关文献研究,明晰了营商环境影响大股东掏空的作用机理,同时为改善和优化营商环境提供了直接经验证据。

Research on the Impact of Business Environment on Major Shareholders' Tunneling

As one of the important forms of macroeconomic environment, business environment affects many aspects of micro-enterprises' financial behavior, but the research on its impact on major shareholders' tunneling and mechanism testing is still insufficient. Therefore, this paper takes A-share listed companies in China's capital market from 2008 to 2018 as research samples to empirically examine the impact of business environment on major shareholders' tunneling. The results show that:there is a significant negative correlation between business environment and major shareholders' tunneling, indicating that optimizing business environment is conducive to restraining major shareholders' tunneling; compared with non-state-owned enterprises, the restraining effect of business environment on major shareholders' tunneling is more obvious in state-owned enterprises; further testing of impact mechanism reveals that optimizing business environment can improve internal control quality, audit quality, and corporate information transparency, which constitutes the main influence path of business environment restraining major shareholders' tunneling. The above conclusion enriches literature research on economic consequences of optimizing business environment, clarifies the mechanism of business environment affecting major shareholders' tunneling behaviors, and provides direct empirical evidence for improving and optimizing business environment.