From the perspective of business efficiency,this paper takes the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as a sample,measures the business efficiency through the DEA-BCC model,and explores the impact of chain shareholders on the business efficiency of enterprises.The results show that chain shareholders have a synergistic governance effect on the business efficiency of the firm,which improves the business operation,and the conclusion is still valid after the Heckman two-stage regression,propensity score matching(PSM)and substitution of core explanatory variables.In the mechanism test,it is found that chain shareholders promote the exchange of enterprise information and resources between industries through their peer industry forces,and at the same time improve the internal control of enterprises,so as to improve the operating efficiency of enterprises.After further analysis,it is found that chain shareholders have a positive impact on the operating efficiency of both state-owned and non-state-owned enterprises,and can play a more important role in industries with a high degree of industry competition.The research in this paper provides new evidence for chain shareholders to exert synergistic governance effect,and provides suggestions for corporate governance.
维普
万方数据