我国旅游上市公司股权结构对成长性的影响——以股东亲密度为调节变量

Impact of the Ownership Structure on the Growth of Chinese Listed Tourism Companies:With Shareholder Closeness as the Regulating Variable

基于公司股东关系视角,审视大股东利益分配,深入透视公司股权结构与成长性关系,对提高股权治理效率,增强企业可持续发展能力有重要意义。文章选取23家A股旅游上市公司作为研究样本,以股东亲密度为调节变量,基于面板数据固定效应模型,通过简单斜率检验,探讨了股权结构对公司成长性的影响,检验了股东亲密度对二者关系的调节效应。研究发现:我国旅游上市公司第1大股东持股比例对成长性的负面影响显著,且随着股东亲密度加深,股权集中度对成长性的负面影响增强;第2~第5大股东、第2~第10大股东发挥了显著的制衡作用,股东亲密度并未影响大股东制衡效应;股权属性对成长性影响显著,股东亲密度对股权属性与成长性关系的调节效应也较为明显;机构投资者持股比例对成长性有显著负面影响,随着股东亲密程度加深,机构投资者持股对成长性的负面影响增强。

Examining the distribution of interests among major shareholders and seeing through the relationship between a company＇s shareholding structure and its growth from the perspective of the shareholder relations,is of great significance to the improvement of shareholding governance efficiency and the enhancement of a company＇s sustainable development capability.Based on the current research on shareholder relations,most domestic scholars limit their analysis to shareholder collusion and balancing,the economic behavior of major shareholders,etc.,but seldom focus on deep analysis of shareholder relations.Therefore,this study is conducted from the perspective of those relations,using the closeness among shareholders to measure the influence of their internal network and verify the regulating effect of shareholder closeness on the relationship between shareholding structure and growth of a listed tourism company.In this study,23 A-Share listed tourism companies are selected as study samples.With the shareholder closeness as a regulating variable and based on the panel data fixed effect model,we discuss the impacts of shareholding structure on the growth of a company and verify the regulating effect of shareholder closeness on the relationship between the two through a simple slope test.The study shows that the shareholding ratio of the first largest shareholder among Chinese listed tourism companies has obvious negative impacts on growth,and as shareholder closeness grows,the negative impacts of shareholding concentration on growth are also increasingly intensified.The second to the fifth major shareholders and the second to the tenth major shareholders have played a significant balancing role,and the major shareholder balancing effect is not affected by shareholder closeness.The shareholding attribute has obvious impacts on growth,and shareholder closeness also has obvious regulating effect on the relationship between shareholding attributes and growth.The shareholding proportion of institutional investors also has obvious impacts on growth,and as shareholder closeness grows,the negative impacts of institutional investors＇ shareholding on growth are also increasingly intensified.On such basis,we have several suggestions concerning the development of listed tourism companies.（1） Strengthen restrictions on the first major shareholder,and improve the information disclosure system for interested shareholders.A higher shareholding proportion for the first major shareholder in a listed tourism company has obvious negative impacts on growth,and therefore restriction and supervision should be intensified.（2） Establish an active equity alliance.Encourage other lower ranked major shareholders to form an active equity alliance so that the absolute control over shareholding of the first major shareholder will be impaired by a mutual shareholding relationship established with other major shareholders of the company or by the shareholding proportion alliance formed based on common interest.（3） Thoroughly understand the role of state-owned shares and expand the development space of stated-owned tourism enterprises.Driven by the goal for an advanced development of the tourism industry,state-owned shareholders shall actively stimulate innovation,pay more attention to market demand,and avoid the disadvantages of a＂sole major shareholder＂by improving investment efficiency,releasing the potential of resources,perfecting financing functions,and other measures.（4） Encourage the introduction of long-term institutional investors and independent institutional investors,and treat short-term institutional investors with care.Actively introduce independent institutional investors;properly manage the relationship of institutional investors,including information disclosures,the attraction of investment,and the locating of potential investors;provide effective channels to communicate with institutional investors;and attract,develop,and maintain institutional investors with which long-term cooperation may be established.