多个大股东能否提升企业生产效率?——基于融资约束和创新投入视角

Can Multiple Major Shareholders Improve the Production Efficiency of Enterprises?Based on the Perspective of Financing Constraints and Innovation Investment

为完善公司治理、筑牢实体经济根基提供有益参考,以2010-2020年中国A股上市公司为样本,实证检验了多个大股东对企业生产效率的影响。结果发现,多个大股东能够显著提升企业生产效率,该效应主要存在于小规模企业中,且在公司同时存在国有和民营大股东,以及其他大股东数量越多时,多个大股东的监督效应更为强烈。机制检验表明,多个大股东通过缓解企业融资约束和增加创新投入来提升企业生产效率。此外,公司审计质量、分析师关注及高管持股都能够促进多个大股东对企业生产效率的提升作用。

In order to provide a useful reference for improving corporate governance and building a solid foundation for the real economy,this paper takes China’s A-share listed companies from 2010 to 2020 as samples to empirically test the impact of multiple major shareholders on the production efficiency of enterprises.The results show that multiple major shareholders can significantly improve the production efficiency of enterprises.This effect mainly exists in small-scale enterprises,and when the company has both state-owned and private major shareholders and other major shareholders,the supervision effect of multiple major shareholders is stronger.The mechanism test shows that multiple major shareholders improve the production efficiency of enterprises by alleviating corporate financing constraints and increasing innovation investment.In addition,the company’s audit quality,analyst attention and executive shareholding can promote the role of multiple major shareholders in improving the production efficiency of enterprises.