富豪榜与上市公司投资扩张

The Rich List and Investment Expansion of Listed Companies

本文考察实际控制人登陆富豪榜对上市公司投资扩张的影响,研究发现:(1)实际控制人登陆富豪榜能够促进上市公司投资扩张,并且排名越靠前,促进作用越强;(2)异质性分析表明,第二类代理问题会降低该促进作用,地方政府干预会增强该促进作用,上述结论在一系列稳健性检验后仍然成立;(3)机制检验证明了登陆富豪榜对便利企业融资、增大决策者过度自信的作用,相关内容丰富了上市公司投资领域以及富豪榜现象的研究。

This paper examines the impact of the actual controller landing on the rich list on the investment expansion of listed companies,the results show that:(1)Landing on the rich list of the actual controller can promote the investment expansion of listed companies,and the higher the ranking,the stronger the promotion effect;(2)Heterogeneity analysis shows that the second kind of agency problem of listed companies will reduce the promotion effect,and the intervention of local governments will enhance the promotion effect.Those conclusions are still valid after a series of robustness tests;(3)The mechanism test proves that landing on the rich list can facilitate enterprise financing and increase the overconfidence of decision makers.Relevant contents enrich the research on the investment field of listed companies and the phenomenon of rich list.