作　　者： ; ;

机构地区： 佛山科学技术学院

出　　处： 《徐州工程学院学报》 2007年第7期37-40,51,共5页

摘　　要： 文章以454家上市公司的1360个观察值为样本，从控制权的视角对大股东、强势管理者与公司多元化水平的关系进行了分析和检验。结果表明，国家作为第一大股东对公司多元化有约束作用，其持股比例与公司多元化水平显著负相关；法人作为第一大股东，其持股比例与收入熵显著负相关，与公司从事的行业数呈显著的U型关系；国家为第一大股东公司中的相对大股东和强势管理者，对多元化有显著的制约作用。 Taking 1360 items of data observed from 454 Chinese listed companies during 2001 -2003 as samples, this paper gives a theoretical and empirical study of the relationship between large shareholders, powerful managers, and the level of diversified management from the perspective of controlling power. The major findings in- clude：Companies with the government as the biggest substantial shareholder are restricted in their development to- wards diversified management and there is a negative correlation between the government＇s shareholding level and the level of diversified management; As to companies with the legal person as the biggest substantial shareholders, their shareholding level is strongly negatively correlated with the income entropy and is of U - shaped relationship with the number of industries the companies are in. Substantial shareholders other than controlling shareholder and powerful managers exert a conspicuous restricting effect on the development of diversified management.

关 键 词： 大股东 强势管理者 上市公司 多元化经营

领　　域： [经济管理] [经济管理]