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多个大股东并存与股票异常停牌

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股市异常停牌现象频发不仅损害了投资者的利益,也制约着我国资本市场的国际化进程.本文基于2003-2019年沪深A股上市公司样本,实证检验多个大股东并存的股权结构对股票异常停牌行为的影响.研究表明,存在多个大股东的上市公司,发生股票异常停牌的概率更低,并且当非控制性大股东数量越多、持股比例越大时,对股票异常停牌的抑制作用越显著.机制检验表明,多个大股东通过抑制控股股东掏空行为、增加在董事会中的异议投票比例、提高公司信息披露质量等渠道,抑制上市公司股票异常停牌行为.拓展性研究显示,在内部控制质量较低以及信息透明度较低的公司中,多个大股东对股票异常停牌的监督作用更明显.本文拓展了多个大股东的治理效应研究,也对完善中国资本市场的停牌制度具有重要的参考价值.
Multiple Large Shareholders and Abnormal Stock Trading Halts
The frequent occurrence of stock market trading halts not only harms the interests of investors,but also restricts the internationalization of the Chinese A-share capital market.Based on a sample of Chinese A-share listed firms on the Shanghai and Shenzhen stock exchanges,this paper exam-ines the impact of multiple large shareholders(MLS)on abnormal stock trading halts.The results reveal that listed companies with MLS have a lower probability of abnormal stock trading halts.When non-controlling shareholders'number and share percentage increase,their inhibitory effect on abnormal stock trading halts is more significant.Channel tests suggest that MLS can restrain abnormal stock trading halts by reducing tunneling activities by control-ling shareholders,increasing the proportion of dissenting votes on the corporate boards,and improving corporate information disclosure quality.The impact of MLS on abnormal stock trading halts is more pronounced in firms with lower-quality internal controls and information transparency.This paper extends the research on the governance impact of MLS,and has important insights for improving the stock trading halts system of the Chinese capital market.

Multiple Large ShareholdersStock Trading HaltsInternal ControlInformation TransparencyCorporate Governance

文雯、冯晓晴

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北京外国语大学国际商学院 100089

中国石油大学(北京)经济管理学院 102249

多个大股东 股票停牌 内部控制 信息透明度 公司治理

国家自然科学基金项目教育部人文社科项目中央高校基本科研业务费专项资金资助项目中央高校基本科研业务费专项资金资助项目

7200201422YJC7900262023TD0032462023YJRC033

2024

会计研究
中国会计学会

会计研究

CSTPCDCSSCICHSSCD北大核心
影响因子:6.346
ISSN:1003-2886
年,卷(期):2024.(3)
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