大股东控制与公司多元化经营:来自上市公司的经验证据

文章以454家上市公司的1360个观察值为样本,从控制权的视角对大股东、强势管理者与公司多元化水平的关系进行了分析和检验。结果表明,国家作为第一大股东对公司多元化有约束作用,其持股比例与公司多元化水平显著负相关;法人作为第一大股东,其持股比例与收入熵显著负相关,与公司从事的行业数呈显著的U型关系;国家为第一大股东公司中的相对大股东和强势管理者,对多元化有显著的制约作用。

Controlling Shareholders and Diversified Management: An Empirical Evidence Based on China's Stock-market Listed Companies

Taking 1360 items of data observed from 454 Chinese listed companies during 2001-2003 as samples,this paper gives a theoretical and empirical study of the relationship between large shareholders,powerful managers,and the level of diversified management from the perspective of controlling power.The major findings in- elude:Companies with the government as the biggest substantial shareholder are restricted in their development to- wards diversified management and there is a negative correlation between the government's shareholding level and the level of diversified management;As to companies with the legal person as the biggest substantial shareholders, their shareholding level is strongly negatively correlated with the income entropy and is of U-shaped relationship with the number of industries the companies are in.Substantial shareholders other than controlling shareholder and powerful managers exert a conspicuous restricting effect on the development of diversified management.