实际控制人特征与企业过度扩张研究

Research on Actual Controllers' Personal Characteristics and Excessive Expansion of Enterprise

本文选取2009-2013年实际控制人为自然人的我国民营上市公司作为样本,应用行为金融学理论分析实际控制人特征对企业过度扩张的影响。研究发现实际控制人为男性时,企业越容易发生过度扩张现象;企业实际控制人学历越高,过度扩张行为发生的可能性越小;实际控制人对风险越厌恶,越能抑制企业过度扩张;实际控制人的持股比例越高,过度扩张行为发生的可能性越小;实际控制人是否兼任董事长或总经理,不直接影响企业的过度扩张;实际控制人年龄与企业过度扩张没有直接关系。因此,实际控制人特征对企业过度扩张有显著影响。

The paper selects Chinese private listed companies whose actual controllers are natural persons in 2009-2013 as study samples to study actual controllers characteristic＇ s effects on excessive expansion of enterprises using behavioral finance theory. The study finds that when the actual controllers are men,enterprise occurred excessive expansion phenomenon more often; when actual controllers＇ academic degree is higher,the possibilities of excessive expansion behavior occurred is smaller; when the actual controllers are averse to risk,excessive expansion of enterprise can be inhibited more easily; when the actual controllers＇ shares is higher,the possibilities of excessive expansion behavior is more small; the actual controllers whether serves as chairman or general manager have no direct effects on the excessive expansion of enterprise,actual controllers＇ age have no direct relationship with expansion. Therefore,actual controllers＇ personal characteristics have significant effects on excessive expansion of enterprise.