Can Multiple Major Shareholders Improve the Production Efficiency of Enterprises?Based on the Perspective of Financing Constraints and Innovation Investment
In order to provide a useful reference for improving corporate governance and building a solid foundation for the real economy,this paper takes China's A-share listed companies from 2010 to 2020 as samples to empirically test the impact of multiple major shareholders on the production efficiency of enterprises.The results show that multiple major shareholders can significantly improve the production efficiency of enterprises.This effect mainly exists in small-scale enterprises,and when the company has both state-owned and private major shareholders and other major shareholders,the supervision effect of multiple major shareholders is stronger.The mechanism test shows that multiple major share-holders improve the production efficiency of enterprises by alleviating corporate financing constraints and increasing innovation investment.In addition,the company's audit quality,analyst attention and executive shareholding can promote the role of multiple major shareholders in improving the production efficiency of enterprises.
Multiple Major ShareholdersEnterprise Production EfficiencyAgency ProblemHigh Quality Development of The Enterprise