The impact of shareholding structure on firm investment: Evidence from Chinese listed companies

被引：16

作者：

Chen, Alex A. ^{[1
]}

Cao, Hong ^{[2
]}

Zhang, Dayong ^{[2
]}

Dickinson, David G. ^{[3
]}

机构：

[1] Cardiff Univ, Cardiff Business Sch, Cardiff CF10 3EU, S Glam, Wales

[2] Southwestern Univ Finance & Econ, Res Inst Econ & Management, Chengdu, Peoples R China

[3] Univ Birmingham, Dept Econ, Birmingham B15 2TT, W Midlands, England

来源：

PACIFIC-BASIN FINANCE JOURNAL | 2013年 / 25卷

关键词：

Firm investment; Shareholding structure; Corporate governance; China economic reform; CASH FLOW SENSITIVITIES; OWNERSHIP STRUCTURE; CORPORATE GOVERNANCE; AGENCY COSTS; LIQUIDITY CONSTRAINTS; FINANCIAL CONSTRAINTS; PANEL-DATA; MARKET; POLICY; PERFORMANCE;

D O I：

10.1016/j.pacfin.2013.08.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the impact of shareholding concentration and the class of shareholders on firm investment. We apply the Euler equation approach to the empirical modeling of investment for a panel dataset of 786 Chinese listed companies during 1998-2004. We find that a significant positive sensitivity of investment to internal funds is associated with firms that have a low level of shareholding concentration, large proportion of state shares and low proportion of publicly-owned shares. We find that cash flow is insignificant for high levels of legal person or public shareholding. We interpret this in the context of the impact of both liquidity constraints and corporate governance issues. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：85 / 100

页数：16

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