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本文从内生性视角出发,研究我国沪深两市上市公司的大股东侵占程度与公司绩效的关系。经Hausman检验发现大股东的侵占行为具有内生性。为此,本文建立联立方程模型,运用3SLS回归以解决内生性问题。研究结论表明,大股东侵占会降低公司绩效,同时公司绩效的降低又会刺激大股东进一步的侵占,从而形成一种恶性循环。此外,实证检验还得出,公司的股权结构和独立董事的比例对大股东侵占和公司绩效有显著的影响。
This paper, from the perspective of endogeneity, studies the relationship between the degree of encroachment of major shareholders and the performance of listed companies in Shanghai and Shenzhen Stock Exchanges. After Hausman test found that the majority of shareholders embezzlement is endogenous. To this end, this article establishes a simultaneous equation model, the use of 3SLS regression to solve endogenous problems. The conclusion of the study shows that the intrusion of major shareholders will reduce the performance of the company, meanwhile the decrease of company performance will stimulate the further encroachment of major shareholders, thus forming a vicious cycle. In addition, the empirical test also concludes that the shareholding structure of the company and the proportion of independent directors have a significant impact on the encroachment of major shareholders and corporate performance.