非控股大股东参与公司治理:求变还是保守?——基于战略调整的视角

Non-controlling Shareholders Participation in Corporate Governance:Change or Conservatism?—From the Perspective of Strategic Adjustment

非控股大股东在公司治理中的作用越发凸显,但鲜有研究探索非控股大股东参与公司治理后是否会触发企业战略调整。以2007—2019年沪深A股非金融类上市公司为样本,探讨了非控股大股东参与公司治理对企业战略调整的影响。研究发现,非控股大股东参与公司治理对企业战略调整产生显著的正向影响,体现出积极求变的态度;其中非国有大股东、本土大股东对企业战略调整的提升起着更明显的作用,表现出参与治理的主体异质性。机制检验发现,非控股大股东参与治理后对于企业战略调整的促进作用是通过发挥监督效应实现的。进一步研究发现,在没有设立战略委员会、企业所在地法治水平高的企业中,非控股大股东参与公司治理对企业战略调整的正向影响更为明显。研究结论为企业优化公司治理机制、制定企业战略决策提供了经验证据。

The role of non-controlling shareholders in corporate governance is becoming more and more prominent,but few studies have explored whether the participation of non-controlling shareholders in corporate governance can trigger the strategic adjustment of enterprises.Taking the A-share non-financial listed companies from 2007 to 2019 as samples,the paper discusses the influence of non-controlling shareholders participation in corporate governance on the strategic adjustment.It is found that the non-controlling shareholders have a significant positive impact on the strategic adjustment,reflecting positive attitude of changes.And non-state-owned shareholders and local shareholders play a more obvious role in the promotion of strategic adjustment.In the mechanism test,it is found that the non-controlling shareholders participation in governance can promote the strategic adjustment through the supervision effect.Further research shows that in the enterprises with no strategic committee and stringent law in the place where the enterprise is located,the participation of non-controlling shareholders have a obviously positive impact on the strategic adjustment.The conclusion provides empirical evidences for enterprises to optimize corporate governance mechanism and make strategic decisions.