论文部分内容阅读
本文结合中国制度背景,理论推演股权结构与影子银行活动之间的关系,提出研究假设。采用中国非金融上市公司2011~2015年的数据,在控制相关变量的情况下,采用最小二乘法对影子银行活动进行多元回归分析,研究中国上市公司股权结构对非金融上市公司影子银行行为的影响,研究发现本文的结论与提出的研究假设相一致。第一大股东持股比例和少数大股东联盟程度与影子银行活动负相关,由于我国上市公司的股权高度集中,第一大股东相比第二到第十大股东在股权结构上具有绝对优势,其与影子银行活动负相关的显著性更强,股权分散性与影子银行活动正相关。这些结果表明股权结构对影子银行活动存在监督效应。
Combining with the background of China’s system, this paper deduces the relationship between ownership structure and shadow banking activities, and puts forward the hypothesis. Based on the data of Chinese non-financial listed companies from 2011 to 2015, using the least squares method to conduct multiple regression analysis on the shadow banking activities under the condition of controlling the relevant variables, this paper studies the influence of the ownership structure of Chinese listed companies on the shadow banking behavior of non-financial listed companies , The study found that the conclusions of this paper are consistent with the proposed research hypothesis. The proportion of the largest shareholder and the minority alliance are negatively correlated with the activities of the shadow banking. Due to the high degree of equity concentration of the listed companies in our country, the largest shareholder has the absolute superiority in ownership structure compared with the second to the tenth largest shareholder, The negative correlation with shadow banking activity is more significant and the equity dispersion is positively correlated with shadow banking activity. These results show that ownership structure has a supervisory effect on shadow banking activities.