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首页> 外文期刊>Review of quantitative finance and accounting >Identity of multiple large shareholders and corporate governance: are state-owned entities efficient MLS?
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Identity of multiple large shareholders and corporate governance: are state-owned entities efficient MLS?

机译：多个大股东和公司治理的身份：国有实体有效的MLS吗？

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摘要

This paper empirically investigates how the identity of multiple large shareholders (MLS) affects principal-agent and principal-principal conflicts of interests in Chinese listed privately controlled firms during 2006-2017, by distinguishing between state-owned and non-state-owned MLS. We find that the presence of non-state-owned MLS significantly mitigates the principal-agent conflict of interests as manifested in a lower selling, general, and administrative expenses scaled by total sales (SG&A ratio) of Chinese listed privately controlled firms. However, this effect is not observed when state-owned entities serve as MLS. Although we do not observe a strong impact of non-state-owned MLS in reducing principal-principal conflict of interests, i.e., a lower ratio of related-party transactions (RPT), the presence of financial non-state-owned MLS helps to alleviate RPT in Chinese listed privately controlled firms. Conversely, state-owned MLS do not mitigate principal-principal conflict of interests but worsen it, as evidenced by a higher ratio of RPT. Additionally, the presence of state-owned MLS is associated with a large magnitude of overinvestment by and increased government subsidies to Chinese listed privately controlled firms. Finally, the entry of non-state-owned MLS enhances the performance of these firms, while the presence of state-owned MLS does not engender a performance-enhancement effect.
机译：本文经验研究了多个大股东（MLS）的身份如何影响2006 - 2017年中国上市私人控制公司的委托人和主要主要利益冲突，以区分国有和非国有MLS。我们发现，非国有MLS的存在明显减轻了在中国上市私人受控公司的总销售额（SG＆A比率）的较低销售，一般和行政费用中表现出的委托人助理冲突。然而，当国有实体用作MLS时，不会观察到这种效果。虽然我们不遵守非国有MLS在减少委托本 - 主要利益冲突中的强烈影响，即相关党交易的较低比例（RPT），金融非国有MLS的存在有助于缓解中国上市私人受控公司的RPT。相反，国有MLS不会减轻主要 - 主要的利益冲突，而是恶化，如RPT的更高比例所证明。此外，国有所有MLS的存在与众多过度投资和增加的政府补贴对中国上市私人受控公司的巨额。最后，非国有MLS的条目增强了这些公司的表现，而国有MLS的存在则不会产生性能增强效果。

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