大股东社会资本是否具有积极的治理效应?

Does Large Shareholders' Social Capital Have Positive Effect on Corporate Governance?

从关系角度出发,以社会资本理论为依托,梳理我国A股上市公司2011—2015年前十大股东间的关系,度量股东社会资本,通过建立Logistic回归模型和中介效应模型,明确大股东社会资本在公司治理中的角色和经济效应。研究发现:大股东社会资本具有抑制关联交易的积极效应;大股东社会资本对关联交易的抑制最终会导致公司盈余质量的提高。

Based on the theory of social capital, this paper analyzes the relationship among the top ten shareholders of China＇ s A-share listed companies from 2011 to 2015 from the perspective of relations and measures the social capital of those shareholders. It then establishes the logistic regression model and the intermediary effect model to clarify the role as well as the economic effects that large shareholders＇ social capital has on corporate governance. The study finds that the social capital of large shareholders has the positive effect of restraining the related party transactions, and the suppression of the related transactions by the large shareholders＇ social capital will lead to the improvement of the earnings quality.