连锁股东与企业财务杠杆

Cross ownership and enterprise financial lever

资本市场中投资人在两家同业企业中同时持股成为连锁股东。利用2011-2020年中国A股上市公司数据,本文研究了连锁股东对企业财务杠杆的影响。研究发现,连锁股东能够显著降低企业财务杠杆,在进行一系列稳健性及内生性检验后结论依然成立。机制研究发现,连锁股东通过权益融资渠道、信息传递渠道及监督治理渠道3个渠道降低财务杠杆。异质性研究表明,连锁股东能够成为区域金融监管及市场外部监督不足时的有效补充。经济后果分析表明连锁股东推动企业降低财务杠杆能够有助于提升企业经营绩效并降低经营风险。

In the capital market,investors hold shares in two peer enterprises at the same time and become cross ownership.Using the data of Chinese A-share listed companies from 2011 to 2020,this paper studies the impact of cross ownership on corporate financial leverage.The research finds that cross ownership can significantly reduce the financial leverage of enterprises and the conclusion is still valid after a series of robustness and endogenous tests.Mechanism study found that chain shareholders reduce financial leverage through equity financing channels,information transmission channels and endogenous financing channels.Heterogeneity research shows that cross ownership can be an effective supplement when regional financial supervision and market external supervision are insufficient.The analysis of economic consequences shows that cross ownership can promote enterprises to reduce financial leverage,which can help improve business performance and reduce business risk.