上市公司实际控制人与财务可持续增长

Actual Controller and Financial Sustainable Growth:An Empirical Study Based on Panel Data from China A-shares Listed Companies

实际控制人是上市公司经营决策、财务政策的主体,实际控制人的控制程度及其性质对财务可持续增长具有重要影响。利用中国A股上市公司2007年至2013年的面板数据对二者之间的关系进行实证检验,结果发现:实际控制人为国有性质的公司更不容易实现超常增长,实际控制人的控制程度越高越容易实现超常增长,而控制权与现金流权的分离度会抑制超常增长;同时实证结果还表明:对于超常增长的公司,实际控制人的国有性质、两权分离程度显著抑制了财务可持续增长率的提高,而控制程度则对可持续增长率有着显著的正影响;对于低速增长的公司,实际控制人的性质、控制度及两权分离程度对财务可持续增长无显著影响。

The actual controller of listed companies is the subject of decision-making and financial policies. This paper analyzes the impact of the control degree and control nature of the actual controller on finance sustainable growth in theory, and carries out empirical test using the panel data of Chinese A-share listed companies from year 2007 to 2013. The results show that the state-owned nature of the actual controller is less likely to achieve extraordinary growth. The higher the control degree is the easier to achieve extraordinary growth. But the separation of control rights and cash flow rights will prevent extraordinary growth. We also finds that state-owned nature of the actual controller, the degree of separation of ownership and control rights will inhibit the increase of financial sustainable growth rate, while the degree of control has a significant positive impact on sustainable growth for the company with extraordinary growth. The nature of the actual controller, the degree of separation of ownership significant impact on financial sustainable growth.