摘要
本文从内生性视角出发,研究我国沪深两市上市公司的大股东侵占程度与公司绩效的关系。经Hausman检验发现大股东的侵占行为具有内生性。为此,本文建立联立方程模型,运用3SLS回归以解决内生性问题。研究结论表明,大股东侵占会降低公司绩效,同时公司绩效的降低又会刺激大股东进一步的侵占,从而形成一种恶性循环。此外,实证检验还得出,公司的股权结构和独立董事的比例对大股东侵占和公司绩效有显著的影响。
This paper studies the relationship of large shareholders＇ expropriation and Corporate Performance using data of Chinese listed companies based on the Endogenous Perspective. The Hansman test showed large shareholders＇ expropriation was en- dogenous. This paper established the structure equation model, using 3SLS regression to solve the endogenous problem. The re- sult showed that large shareholders＇ expropriation reduced corporate performance. The decline of corporate performance would stimulate further encroachment, creating a vicious cycle. In addition, the empirical test also concluded that the ownership structure and the proportion of independent directors had a significant impact on large shareholders＇ expropriation and corporate performance.
出处
《财经科学》
CSSCI
北大核心
2016年第10期81-90,共10页
Finance & Economics
关键词
大股东“掏空”
公司绩效
内生性
联立方程
Large Shareholder＇s Tunneling Behavior
Corporate Performance
Endogenous Problem
Simultaneous Equation
