大股东持股对僵尸企业的影响研究

A Study on the Impact of Shareholding of Large Shareholders on Zombies Companies

文章以2011-2017年我国A股上市公司为样本,分析了大股东持股对僵尸企业的影响。研究发现:大股东持股比例越高,上市公司成为僵尸企业的可能性越低;从僵尸企业的形成路径来看,大股东持股比例较高时,会缓解企业的实际经营状况,抑制企业过度借贷的程度,进而预防企业成为僵尸企业。进一步研究发现,相比国有企业,非国有企业中大股东持股比例对僵尸企业的影响更为显著。研究结果表明,在企业经营困难的情境下,大股东倾向于采取支持措施,帮助企业扭转困境,降低企业僵尸化风险。

This paper uses the A-share listed companies in China from 2011 to 2017 as samples to analyze the impact of large shareholders holding on zombie enterprises.The study finds that the higher the proportion of large shareholders,the lower the proportion of listed companies to become zombie enterprises.From the path of the formation of zombie enterprises,when the proportion of large shareholders holding is high,it will ease the actual loss of corporate profits,control the extent of corporate excessive borrowing,and thus prevent enterprises from becoming zombie enterprises.The further study shows that,compared with state-owned enterprises,the proportion of large shareholders holding in non-state-owned enterprises has a more significant impact on zombie enterprises.The paper indicates that,in the case of business difficulties,large shareholders tend to take support measures to help enterprises to reverse the dilemma and reduce the risk of becoming zombie enterprises.