大股东持股与公司诉讼风险——基于中国上市公司的实证分析

发布时间：2019-07-31 20:45

【摘要】：公司诉讼是影响企业正常经营的非常规事件,不仅可能造成财务损失,还可能影响企业声誉,导致客户流失以及后续融资等诸多问题,因此对公司诉讼风险影响因素的研究有重要意义。基于公司治理文献,本文以2007—2014年中国A股上市公司为初始研究样本,运用倾向得分匹配方法(PSM)分析了大股东持股对公司诉讼风险的影响。研究发现:(1)随着第一大股东持股比例的提高,公司诉讼风险显著降低。(2)随着公司可见性程度的提高,大股东降低公司诉讼风险的作用减弱。也就是说,相较于公司可见性高的企业,大股东在公司可见性低的企业中降低公司诉讼风险的作用更强。(3)相对于股权制衡公司,非股权制衡公司的大股东持股比例降低公司诉讼风险的效应更强。本文不仅深化了公司诉讼风险影响因素研究,而且有助于进一步拓展大股东在公司治理以及风险控制中的作用,对于理解大股东在防范公司诉讼风险方面的作用具有重要意义。
[Abstract]:Corporate litigation is an unconventional event that affects the normal operation of enterprises, which may not only cause financial losses, but also affect corporate reputation, lead to customer loss and subsequent financing and many other issues, so it is of great significance to study the influencing factors of corporate litigation risk. Based on the literature of corporate governance, this paper takes Chinese A-share listed companies from 2007 to 2014 as the initial research sample, and analyzes the influence of large shareholder ownership on corporate litigation risk by using tendency score matching method (PSM). It is found that: (1) with the increase of the proportion of the largest shareholders, the litigation risk of the company decreases significantly. (2) with the increase of the visibility of the company, the role of the major shareholders in reducing the litigation risk of the company is weakened. In other words, compared with enterprises with high corporate visibility, large shareholders play a stronger role in reducing corporate litigation risk in enterprises with low corporate visibility. (3) compared with equity checks and balances companies, the proportion of large shareholders holding shares in non-equity checks and balances companies has a stronger effect on reducing corporate litigation risk. This paper not only deepens the research on the influencing factors of corporate litigation risk, but also helps to further expand the role of large shareholders in corporate governance and risk control, and is of great significance to understand the role of large shareholders in preventing corporate litigation risk.
【作者单位】：复旦大学经济学院;南昌航空大学数学与信息科学学院;上海财经大学国际工商管理学院;江西财经大学现代经济管理学院;
【基金】：2015年上海财经大学研究生创新基金项目(CXJJ-2015-326)
【分类号】：F275;F271

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