股权结构影响企业经营增长路径研究——基于资源获取中介效应的检验

An Empirical Study on the Effect of Equity Structure on Business Growth:Based on Resource Acquisition

股权结构作为公司治理重要机制,对公司的资源获取产生作用,进而影响企业经营增长。文章运用2015—2021年中国A股上市公司数据,依据公司治理理论,在构建股权结构促进企业经营增长模型基础上,利用资源获取中介效应模型进行实证研究。结果表明:(1)股权结构显著提高民营上市公司的企业经营增长。(2)股权结构显著提高民营上市公司的资源获取,表现为:提高融资效率、获取税收优惠、取得社会补助等。(3)资本流动性对民营上市公司的企业经营增长表现为倒U型结构,股权结构要避免“资源诅咒”效应。(4)分组检验表明:相比东部地区与国有资本参股,西部地区与国有资本控股的半导体上市公司资源获取中介效应更为明显,研究结论证实了资源获取在不同地区以及股权结构的上市公司异质性。

As an important mechanism of corporate governance,ownership structure plays an important role in resource acquisition,and then affect the growth of business operations.Based on the data of listed companies from 2015 to 2021 and the theory of corporate governance,this paper makes an empirical study by using the resource acquisition intermediation effect model,which is based on the model of ownership structure promoting business operation growth.The results show that:(1)ownership structure can significantly improve the business growth of private listed companies.(2)equity structure can significantly improve the resource acquisition of private listed companies,which includes improving financing efficiency,obtaining tax incentives and social subsidies.(3)capital mobility has an inverted U-shaped structure on the growth of private listed companies,and equity structure should avoid the“Resource curse”effect.(4)the grouping test shows that:compared with the eastern region and the state-owned capital participation,the western region and the state-owned capital holding semiconductor listed companies’resource acquisition intermediary effect is more obvious.The results confirm the heterogeneity of resource acquisition in different regions and ownership structure of listed companies.