大股東股權與風險承擔之關係-中國上市公司之實證

本研究探討大股東股權、企業生命週期以及風險承擔之關係。過去的文獻在探討大股東對公司的價值上，結論有所不同。大股東在公司投資上過於保守，認為保持企業現有的穩定發展對公司才是有利的，因而不願意去做企業的創新、冒險的投資。反之，大股東傾向於多樣化投資對公司價值有正面的影響，認為雞蛋若是都放在同一個籃子裡，企業本身面臨的風險為高，反而更願意去做其他多樣化投資，將風險分散。本文的資料是從台灣經濟日報資料庫取得，以中國上海和深圳的上市公司為主(排除金融業)，共1292家，資料從1998年到2011年，從會計報表角度的慨念去做分析、討論。本文利用企業的盈餘波動去衡量公司的風險，透過生命週期的變數:公司成立年數、銷售成長率、股利支付率、資本支出率將企業分為不同生命週期階段: 起飛期、成長期、成熟期、衰退期，在進一步去探討大股東在企業不同生命週期階段下，風險承擔的程度。

關鍵字

大股東型態；企業生命週期；風險承擔

並列摘要

This research examines the relationships among the large shareholdings, firms' life cycles, and their risk-taking behaviors . Extant literature on this issue explores large shareholders and offers varied conclusions; hence, whether these shareholders tend to be more conservative through diversification remain questionable. Using a sample of listed Chinese firms from the Shanghai A-shares market from 1988 to 2011, this study examines if a firm’s risks, as measured by company earnings volatilities of three years and five years, are each related to the types of ownership of concentration, corporate characteristics, industry dummies, year dummies, and event dummies. Numerous studies have documented the value of large shareholders for companies, and results usually indicate that such shareholders have a positive impact on firm value. Results also become more reliable by adding the firms' life cycle as a variable. The firms with concentration of large shareholders tend to have more risk-taking behaviors than those with individual shareholders, that is, the former are more likely to choose a risky project in their start-up stage, through the full support of the government, in order to assume a higher risk. This paper is significant because it provides implications for large shareholders who are making related decisions on firms’ investments in different corporate life cycle stages.

並列關鍵字

Large shareholders ； Risk-taking ； Life-cycles

參考文獻

Dibrell, C., Craig. J., & Hansen E. (2011). Natural Environment, Market Orientation, and Firm Innovativeness: An Organizational Life Cycle Perspective. Journal of Small Business Management 2011 49(3), pp. 467–489

Teodora, P. (2010). Corporate Risk Taking and Ownership Structure,” Bank of Canada Working Paper No. 2010-3.

Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics (June-September): 203-227.

Nguyen, P. ( 2010). Corporate governance and risk-taking: Evidence from Japanese firms. Pacific Basin Finance Journal 19 (3):278-297

Mishra, D.R. (2011). Multiple Large Shareholders and Corporate Risk Taking: Evidence from East Asia. Corporate Governance 19 (6) , pp. 507-528.

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大股東股權與風險承擔之關係-中國上市公司之實證

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