摘要
本文以中国上市公司为样本,对股权结构与企业投资多元化关系进行了理论与实证分析。结果表明,股权集中度,包括第一大股东持股比例与企业投资多元化水平显著负相关;国有股比例与企业投资多元水平负相关,但相关性不显著;法人股比例与企业投资多元水平基本无关;流通A股(社会公众股的替代)比例与企业投资多元水平显著正相关;流通B股对企业投资多元化水平的影响可能是负向的。
This paper gives a theoretical and empirical study about the relationship between ownership structure and corporate diversification,using the cross data of China's listed companies.The empirical tests show that there is a strong negative relation between the extent of diversification and ownership concentration(including the proportion of the first block shareholdings),the correlation between the proportion of state shares and diversification is nto significant,there is no correlation on the whole between diversification and the proportion of institutional shares,tradable A shares is positively and significantly correlated with diversification,the impact of Tradable B shares to diversification may be negative.
出处
《会计研究》
CSSCI
北大核心
2005年第8期56-62,共7页
Accounting Research
基金
国家社科基金资助项目"基于控股股东利益的中国上市公司资本运营研究"(批准号:03BJY019)的阶段性研究成果之一
教育部优秀青年教师奖励计划
财政部中国会计学会重点研究课题和中国人民大学"十五""211"工程项目的资助
