中小股东投票权、公司决策与公司治理——来自一项自然试验的证据

孔东民1,2 刘莎莎3

(1.中南财经政法大学金融学院)
(2.华中科技大学经济学院)
(3.暨南大学管理学院)

【摘要】基于深交所的一个自然试验, 本文考察中小股东参与公司治理程度的提升是否影响公司盈余行为, 并尝试回答以下问题:中小股东参与在公司治理中扮演何种角色?对公司而言, 中小股东参与扮演了外部监督角色?还是给管理层带来压力而扭曲了公司行为?研究发现, 中小股东参与度高的公司更倾向操纵盈余。我们利用滞后变量回归、PSM以及IV回归控制内生性, 结论不变;进一步, 当企业存在融资或内部交易需求、信息不对称程度较高、投资者整体教育水平较低时, 公司更有可能通过操纵盈余来迎合中小股东。本文研究结论具有明晰的政策含义, 即在赋予中小投资者参与公司治理的权利的同时, 必须提升投资者保护, 否则可能会引致适得其反的效果。

【关键词】 中小股东; 网络投票; 自然试验; 公司治理; 盈余管理;

【DOI】

【基金资助】 国家自然科学基金青年项目 (71602074) 面上项目 (71372130) 中组部万人计划“青年拔尖人才”项目的资助

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ISSN:1002-5502

CN: 11-1235/F

Vol , No. 09, Pages 101-115+188

September 2017

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Article Outline

摘要

  • 一、引言
  • 二、制度背景和研究假说
  • 三、数据来源和变量定义
  • 四、实证检验
  • 五、扩展性检验
  • 六、结论
  • 参考文献