非控股股东参与决策积极性与企业投资效率

On Non-controlling Shareholders’ Enthusiasm to Participate in Decision-making and Enterprise Investment Efficiency

选取2008—2019年A股上市公司股东大会投票数据,研究非控股股东参与决策积极性对企业投资效率的影响。研究表明:第一,非控股股东参与决策积极性与投资效率存在反向因果关系。非控股股东参与决策的积极性越高,企业非效率投资现象越严重,主要表现为投资过度;相较于国有企业,非国有企业投资过度现象更为显著。第二,非控股股东通过高管股权激励路径影响企业投资效率。第三,非控股股东参与决策存在一定局限性,要合理调控非控股股东权利,实现其对公司价值的提升,从而达到共赢。

The voting data of shareholders’ general meetings of A-share listed companies from 2008 to 2019 were selected to study the influence of non-controlling shareholders’ enthusiasm to participate in decision-making on enterprise investment efficiency. The research shows that: first, there is a reverse causal relationship between the enthusiasm of non-controlling shareholders to participate in decision-making and investment efficiency. The higher the enthusiasm of non-controlling shareholders to participate in decision-making, the more serious the phenomenon of inefficient investment of enterprises, which is mainly manifested as over-investment;compared with state-owned enterprises, the phenomenon of over-investment in non-state-owned enterprises is more significant. Second,non-controlling shareholders affect the enterprise investment efficiency through the path of executive equity incentives. Third, there are certain limitations to the participation of non-controlling shareholders in decision-making, and it is necessary to reasonably regulate the rights of non-controlling shareholders to realize their enhancement of the companys’ value, so as to achieve a win-win situation.