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第六届（2011）中国管理学年会——会计与财务分会场

作者：宋小保汕头大学商学院

In this paper,we examine the impact of controlling shareholder agency over the investment policy,corporate value and agency costs under the ownership *** find that the controlling shareholders-maximizing firm exercises the option too early relative to a value-maximizing strategy,which cause agency costs of controlling shareholder,lower corporate value,and higher agency costs of *** of ownership of controlling shareholder can lighten the overinvestment,increase corporate value and decrease the agency costs of controlling shareholders and agency costs of debt,which shows the incentive effect of corporate *** of the separation of control from cash flow of controlling shareholder can aggravate overinvestment,decrease corporate value and increase the agency costs of controlling shareholder and agency costs of debt,which shows the entrenchment effects of corporate *** solutions illustrate how the agency costs of overinvestment and its effect on corporate investment policy vary with firm and project characteristics.

关键词： ownership concentration Investment Policy Agency costs of Debt Agency costs of Controlling Shareholder Real Options

The Relationship between ownership concentration,Equity Restriction and Firm Performance

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The Relationship between Ownership Concentration,Equity Rest...

第三届（2011）金融风险与公司金融国际研讨会

作者： ZHONG Tingyong~1 AN Y e~1 LI Jiangna~2 LI Shengji~2 1.School of Guanghua ChangChun University Changchun China 130117 2.School of Business Northeast Normal University Changchun China 130117

＜正＞This paper has studied the relationship between ownership concentration,equity restriction and firm performance of Chinese listed corporations. In this article,we collect 373 listed manufacturing companies with 9 years data in Shanghai and Shenzhen stock exchanges,and estimate the parameters using panel data model,getting several conclusions as follow:the relationship between corporation performance and ownership concentration is significant positive,and this linear relationship is still significant when the controlling shareholders are different ***,equity restriction has a significant negative effect on corporation *** the degree of equity restriction being smaller,the performance improves, which confirms that the largest shareholder is restrained by other large shareholders,and then it can limit the major shareholder to exploit the minority shareholders,reducing the"tunnel-effect".

关键词： ownership concentration equity restriction Firm performance Panel data model

The Effect of ownership concentration on Corporate Risk-Taking of Chinese Tourism Listed Companies

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The Effect of Ownership Concentration on Corporate Risk-Taki...

作者： ZHOU Jie WANG Jia the College of Tourism and Service Management Nankai University College of Tourism and Service Management Nankai University

Based on the principal-agent theory, this paper analyzes the non-linear relationship between the ownership concentration and corporate risk-taking of Chinese tourism listed companies during 2016 to 2019. The results show that the relationship between ownership concentration and risk-taking is U-shaped. By examining the moderating effect of firm growth, this study finds that the effect of ownership concentration on risk-taking is more significant in high-growth firms other than low-growth firms.

关键词： ownership concentration Corporate Risk-taking Firm Growth

Is It Governance or ownership that Affect the Motivation of Compensation Contract on Earnings Management?——An Empirical Study on Chinese Listed Firms

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Is It Governance or Ownership that Affect the Motivation of ...

第五届（2010）中国管理学年会——会计与财务分会场

作者： Jing Long 1 Doctoral Student,School Of Management,Dalian University of Technology,Dalian,China Yanxi Li 2 Professor,School of Management,Dalian University of Technology,Dalian,China Linlin Fu3 Master student,school of management,Dalian University of Technology,Dalian,China

This paper is to explore ownership structure and corporate governance effecting on earnings management,especially on how to constrain executive compensation motivation to earnings management. We use five variables to quantify various corporate governance mechanisms including ownership structure and executive compensation for 1024 listed firms sample from 2007 to 2008. We find that earnings management is positively affected by executive compensation motivation,while this influence is constrained by ownership concentration. This finding reflects the current situation of corporate governance in China. Therefore,such a significant relationship is useful to control level of earnings management and improve the China’s capital market developing healthily,stably and harmoniously.

关键词： ownership concentration Executive Compensation Earnings Management Corporate Governance

基于我国物流上市公司的股权集中度与公司绩效实证研究

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物流管理 2014年第3期

作者：刘正军刘丽峰

随着市场经济的发展，现代物流产业已由末端行业，逐步发展成为引导生产、促进消费的先导行业。关于物流上市公司的股权结构是否合理、股权集中度与公司绩效的相关性及其对公司绩效所产生的影响等方面的研究，在提升我国物流业的竞争力... 详细信息

随着市场经济的发展，现代物流产业已由末端行业，逐步发展成为引导生产、促进消费的先导行业。关于物流上市公司的股权结构是否合理、股权集中度与公司绩效的相关性及其对公司绩效所产生的影响等方面的研究，在提升我国物流业的竞争力上具有很重要的理论价值和实践意义。本文以2009-2011年我国38家物流行业上市公司的股权集中度指标和公司绩效指标进行实证研究，得出物流上市公司股权集中度与公司绩效是显著正相关关系的实证结论；公司的资产负债率与公司绩效间具有显著负向关系；公司的规模同公司绩效间不存在显著相关关系。并基于实证结果提出适度的股权集中度、保护中小股东利益的法律制度、优化公司资本结构、培养多元化投资主体等提高绩效的相关建议。

关键词：物流上市公司股权集中度公司绩效 listed logistics company ownership concentration corporate performance

ownership Structure and Earnings Quality of Listed Financial Firms in Nigeria

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Journal of Business Administration Research 2021年第2期4卷 21-32页

作者： Oladejo Abiodun Oyebamiji Department of Management and Accounting Obafemi Awolowo UniversityIle-IfeOsun StateNigeria

The study determined the effect of ownership structure on earnings quality of listed financial firms in *** study employed secondary *** study population comprised all the 16 listed financial firms on the Nigerian Stock *** sampling technique was adopted to select top 10 banks whose shares are consistently traded on the stock *** for ownership structure and earnings quality were sourced from the audited financial statements of the selected firms and the Nigerian Stock Exchange Factbook over a period of 10 years(2009-2018).Collected data were analyzed using pooled ordinary least square,fixed effect and random effect estimation *** result from the study showed that institutional ownership(t=4.3,p˂0.05)had a positive and statistically significant relationship with earnings quality while ownership concentration(t=-2.5,p˂0.05)had a negative and significant relationship with earnings *** study recommended that the institutional ownership which shows a positive relationship with earnings quality enables improved earnings of the sampled listed *** institutional participation should be allowed in the Nigerian listed banks as it was proved that they have the power to monitor the affairs of managers as this will have a positive impact on *** ownership gives managers incentives to manage earnings to achieve short term opportunistic interest;therefore it should not be encouraged.

关键词： ownership concentration Institutional ownership Managerial ownership Earnings quality

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谁影响了上市公司高管薪酬激励

企业管理研究 2011年第1期

作者：陈骏

已有研究表明，大股东持股比例、债务水平与管理层权力会影响高管薪酬激励。本文在此基础上将高管薪酬激励的扭曲分为激励过度与激励不足，并结合我国特殊的制度背景研究了大股东、债权人和管理层对激励扭曲影响的程度。研究发现，股权... 详细信息

已有研究表明，大股东持股比例、债务水平与管理层权力会影响高管薪酬激励。本文在此基础上将高管薪酬激励的扭曲分为激励过度与激励不足，并结合我国特殊的制度背景研究了大股东、债权人和管理层对激励扭曲影响的程度。研究发现，股权越集中，激励过度程度越弱，激励不足程度越强；相对长期借款而言，短期借款会限制高管薪酬激励过度的现象，这一关系在激励不足组中并不明显；管理层权力越大，则会加大激励过度与不足的程度。在考虑了产权性质的差异后，这三个方面对激励过度与不足的影响也发生了变化。研究结果表明，高管薪酬激励过度与激励不足会受到大股东、债权人、管理层和产权性质的不同影响，这为进一步理解高管薪酬激励提供了新的经验证据。

关键词：高管薪酬激励股权集中度债务结构管理层权力产权性质 top-management incentives ownership concentration debt structure managerial power ownership nature

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高管过度自信与创新可持续性的曲线关系研究

企业管理研究 2017年第11期

作者：周路路李婷婷李健

研发投入的突然削减或中断往往给企业带来巨大损失，高昂的调整成本昭示着持续创新的重要性。基于传统销售加速模型，研究探索了高管过度自信与企业创新可持续性之间的关系，并在此基础上讨论了业绩偏离及股权集中度的情境效应。以2003-... 详细信息

研发投入的突然削减或中断往往给企业带来巨大损失，高昂的调整成本昭示着持续创新的重要性。基于传统销售加速模型，研究探索了高管过度自信与企业创新可持续性之间的关系，并在此基础上讨论了业绩偏离及股权集中度的情境效应。以2003-2014年中国制造业A股上市公司为样本的实证结果显示：高管过度自信与企业创新持续投资之间存在倒U型曲线关系，适度的过度自信对企业持续创新具有促进作用，而严重过度自信会阻碍企业创新活动的持续开展；业绩偏离对两者之间的倒U型关系具有情境效应，但这种情境效应只体现在历史业绩偏离而非行业业绩偏离方面；股权的高度集中能够强化业绩偏离对高管过度自信与企业创新可持续性之间关系的调节效应。

关键词：创新活动过度自信业绩偏离股权集中度 innovation overconfidence deviation of firm performance ownership concentration

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为什么CEO解职如此罕见？

企业管理研究 2012年第6期

作者：汪金爱章凯赵三英

基于前景理论和公司行为理论，本研究将商业风险、所有权集中度及CEO解职后的继任来源整合于同一框架。基于中国上市公司数据所进行的大样本实证分析表明，商业风险、CEO与董事长兼任、所有权集中度与CEO解职率正相关，所有权集中度负... 详细信息

基于前景理论和公司行为理论，本研究将商业风险、所有权集中度及CEO解职后的继任来源整合于同一框架。基于中国上市公司数据所进行的大样本实证分析表明，商业风险、CEO与董事长兼任、所有权集中度与CEO解职率正相关，所有权集中度负向调节商业风险对CEO解职关系。但针对CEO解职后不同继任来源的分析显示，这种调节作用尽管在两类CEO解职中仍然得到保持，但其它所考察变量在外部继任型解职中则有着明显不同。这些发现，进一步加深了对高所有权集中度情境下，CEO解职这一极为重要的战略决策过程的理解。

关键词： CEO解职前景理论商业风险所有权集中度 CEO dismissal prospect theory business risk ownership concentration