多个大股东能够抑制企业金融化水平吗?

Can Multiple Large Shareholders Restrain the Level of Enterprise Financialization?

企业金融化严重挤占了实体经济投资,限制了企业发展潜力,作为重要的公司治理机制,多个大股东可对企业金融化发挥有效的监督治理作用。利用2007—2019年上市公司样本数据,实证分析多个大股东并存对企业金融化的影响效应发现:与单一大股东相比,多个大股东并存能够抑制企业金融化水平;但大股东的数量与企业金融化程度呈U型关系,当存在两个以上大股东时,多个大股东并存对企业金融化呈现负面治理效应。进一步研究发现,当多个大股东发挥监督作用时,多个大股东能够有效识别企业“投资替代”行为,降低企业长期金融化水平,并且当多种类型大股东并存,尤其是外国大股东存在时,对企业长期金融化的治理效应更强。机制研究发现,多个大股东通过降低债务融资成本能够减少企业“投资替代”行为,降低企业金融化。因此,要充分发挥多个大股东的监督作用,缓解企业债务资本压力,规范股东的权利和义务,从而促进实体经济“脱虚向实”,推动经济高质量发展。

Enterprise financialization greatly diverted real economy investment and limited development potential of enterprises.As an important corporate governance,multiple large shareholders can play an effective supervisory role in enterprise financialization.Based on the sample data of listed companies from 2007 to 2019,this paper empirically studies the influence of the coexistence of multiple large shareholders on the financialization of enterprises.The study found that compared with a single large shareholder,the coexistence of multiple large shareholders can inhibit the level of enterprise financialization;however,the number of large shareholders has a U-shaped relationship with the degree of enterprise financialization.When there are more than two large shareholders,the coexistence of multiple large shareholders has a negative governance effect on enterprise financialization.Further research finds that when multiple large shareholders play a supervisory role,they will identify the motivation of“investment substitution”and reduce the level of long-term financialization effectively.Moreover,when multiple types of large shareholders coexist,especially foreign large shareholders,the level of long-term financialization is lower.Mechanism study found that by reducing the cost of debt financing,multiple large shareholders can alleviate the“investment substitution”behavior,thus inhibiting the financialization of enterprises.Therefore,we should give full play to multiple large shareholders’supervision,alleviate enterprises’liability stress,standardize shareholders’rights and obligations,so as to transform virtual economy into real economy and promote high-quality economic development.