Foreign strategic ownership and minority shareholder protection

Anderson Hamish; Chi Jing; Liao Jing

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Foreign strategic ownership and minority shareholder protection

机译：外国战略所有权和小股东保护

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We show foreign strategic investors provide monitoring protection, by reducing tunneling through intercorporate loans. Further, foreign strategic investors mitigate minority shareholders expropriation through controlling excessive borrowing, whereas firms without foreign-founders channel excessive borrowing to controlling shareholders using intercorporate loans. The monitoring benefits are greater when corporate governance is weaker, and when foreign strategic investors are from English common law countries. Compared to foreign investor proxies typically used in Chinese studies, we use foreign-founder shareholders. As foreign-founders are long-term investors facing high liquidity risk, they are highly motivated to actively monitor and influence firm behaviours.

机译：我们显示，外国战略投资者可以通过减少企业间贷款的挖洞来提供监控保护。此外，外国战略投资者通过控制过度借贷来减轻少数股东的掠夺，而没有外国创始人的公司则通过公司间贷款将过度借贷引导给控股股东。当公司治理较弱时，以及外国战略投资者来自英美法系国家时，监控收益将更大。与中国研究中通常使用的外国投资者代理相比，我们使用外国创始人股东。由于外国创始人是面临高流动性风险的长期投资者，因此他们积极主动地监督和影响公司行为。

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来源
《Emerging markets review》 |2019年第6期|34-49|共16页
作者
Anderson Hamish; Chi Jing; Liao Jing;
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作者单位

Massey Univ, Sch Econ & Finance, Manawatu Campus,Private Bag 11-222, Palmerston North 4410, New Zealand;

Massey Univ, Sch Econ & Finance, Manawatu Campus,Private Bag 11-222, Palmerston North 4410, New Zealand;

Massey Univ, Sch Econ & Finance, Manawatu Campus,Private Bag 11-222, Palmerston North 4410, New Zealand;

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原文格式 PDF
正文语种 eng
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关键词
Foreign strategic investors; Shareholder protection; China;

机译：外国战略投资者;股东保护;中国;

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1. Foreign strategic ownership and minority shareholder protection [J] . Anderson Hamish, Chi Jing, Liao Jing Emerging markets review . 2019,第Juna期

机译：外国战略所有权和少数股东保护
2. The impact of minority foreign ownership and controlling shareholder on bank risk and performance: Evidence from an emerging economy [J] . Ruth Tacneng Managerial finance . 2015,第5期

机译：少数股权和控股股东对银行风险和业绩的影响：来自新兴经济体的证据
3. Parasites and Paragons: Ownership Reform and Concentrated Interest among Minority Shareholders [J] . Jia Nan, Shi Jing, Wang Changyun, Journal of management studies . 2020,第1期

机译：寄生虫和典范：所有权改革和少数股东之间的集中权益
4. A Study of Rights and Interests Violations of Foreign Capital Merger and Acquisition to Minority Shareholders and the Relevant Protection Measures [C] . WANG Qiaoyi, CAO Baorui Proceedings of 2011 international symposium - accounting information system and corporate governance . 2011

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5. Effect of Foreign Ownership on Firm Performance and Shareholder Value: Evidence from India [D] . Bhat, Pruthvi. 2017

机译：外国所有权对企业绩效和股东价值的影响：来自印度的证据
6. Study on the ownership balance and the efficiency of mixed ownership enterprises from the perspective of heterogeneous shareholders [O] . Zhujia Yin, Lijuan Liu, Haidong Wang, -1

机译：异质股东视角下的混合所有制企业所有权平衡与效率研究
7. Ownership Inequalities: Protection of Minority Shareholder Rights [O] . Alina Szewc-Rogalska 2006

机译：所有权不等式：保护少数股东权利

Foreign strategic ownership and minority shareholder protection

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