An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition

WANG Xiaolong; ZOU Xiaolei

doi:10.19979/j.cnki.issn10082689.2022070106

Volume 39 Issue 3

Jun. 2023

Turn off MathJax

Article Contents

Abstract

References

Article Navigation > Journal of University of Science and Technology Beijing ( Social Sciences Edition) > 2023 > 39(3): 340-352

WANG Xiaolong, ZOU Xiaolei. An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2023, 39(3): 340-352. doi: 10.19979/j.cnki.issn10082689.2022070106

Citation:

WANG Xiaolong, ZOU Xiaolei. An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2023, 39(3): 340-352. doi: 10.19979/j.cnki.issn10082689.2022070106

Citation:

PDF( 997 KB)

An Empirical Study on the Effect of Equity Structure on Business Growth：Based on Resource Acquisition

doi: 10.19979/j.cnki.issn10082689.2022070106

School of Accounting, Wuxi Taihu University, Wuxi 214064, China

Received Date: 2022-07-30
Publish Date: 2023-06-25

Abstract

Abstract

As an important mechanism of corporate governance, ownership structure plays an important role in resource acquisition, and then affect the growth of business operations. Based on the data of listed companies from 2015 to 2021 and the theory of corporate governance, this paper makes an empirical study by using the resource acquisition intermediation effect model, which is based on the model of ownership structure promoting business operation growth. The results show that: (1) ownership structure can significantly improve the business growth of private listed companies. (2) equity structure can significantly improve the resource acquisition of private listed companies, which includes improving financing efficiency, obtaining tax incentives and social subsidies. (3) capital mobility has an inverted U-shaped structure on the growth of private listed companies, and equity structure should avoid the “Resource curse” effect. (4) the grouping test shows that: compared with the eastern region and the state-owned capital participation, the western region and the state-owned capital holding semiconductor listed companies’ resource acquisition intermediary effect is more obvious. The results confirm the heterogeneity of resource acquisition in different regions and ownership structure of listed companies.
- equity structure,
- resource acquisition,
- business growth,
- mediating effect

FullText(HTML)

References(33)

References

[1]	习近平: 高举中国特色社会主义伟大旗帜为全面建设社会主义现代化国家而团结奋斗——在中国共产党第二十次全国代表大会上的报告[EB/OL]. （2022-10-25）[2023-03-24]. http://www.gov.cn/xinwen/2022-10/25/content_5721685.htm.
[2]	钟昌标. 影响中国电子行业出口决定因素的经验分析[J]. 经济研究,2007(9):62-70.
[3]	冯宗宪,王青,候晓辉. 政府投入、市场化程度和中国工业企业的技术创新效率[J]. 数量经济技术经济研究,2011,28(4):3-17,33.
[4]	袁建国,后青松,程晨. 企业政治资源的诅咒效应−基于政治关联与企业技术创新的考察[J]. 管理世界,2015(1):139-155.
[5]	倪国爱,董小红. 经济政策不确定性、会计稳健性与债务融资[J]. 财贸研究,2019,30(6):99-110.
[6]	沈昊,杨梅英. 国有企业混合所有制改革模式和公司治理−基于招商局集团的案例分析[J]. 管理世界,2019,35(4):71-182.
[7]	赵璨,宿莉莎,曹伟. 混合所有制改革:治理效应还是资源效应?−基于不同产权性质下企业投资效率的研究[J]. 上海财经大学学报,2021,23(1):75-90.
[8]	肖文,薛天航. 劳动力成本上升、融资约束与企业全要素生产率变动[J]. 世界经济,2019,42(1):76-94.
[9]	吴国鼎. 控制权转移对企业绩效的影响−基于代理成本中介效应的检验[J]. 中央财经大学学报,2021(9):100-112.
[10]	沈昊,杨梅英. 国有企业混合所有制改革模式和公司治理−基于招商局集团的案例分析[J]. 管理世界,2019,35(4):171-182.
[11]	蒋长流,司怀涛. 人口老龄化、人力资本结构与科技创新−基于空间杜宾与中介效应模型的实证研究[J]. 北京科技大学学报(社会科学版),2022,38(5):593-603.
[12]	江涛,薛媛. 基于政治资源诅咒效应的地方政府债务风险形成机制及治理[J]. 理论探讨,2017(5):88-93.
[13]	孙晓冬,徐文海. 要素流动、发展模式与地区间发展不均衡问题研究−以武汉城市圈内黄冈市和鄂州市的发展轨迹为例[J]. 北京科技大学学报(社会科学版),2022,38(5):584-592.
[14]	杨典. 公司治理与企业绩效−基于中国经验的社会学分析[J]. 中国社会科学,2013(1):72-94,206.
[15]	叶陈刚,裘丽,张立娟. 公司治理结构、内部控制质量与企业财务绩效[J]. 审计研究,2016(2):104-112.
[16]	张立民,李琰. 持续经营审计意见、公司治理和企业价值−基于财务困境公司的经验证据[J]. 审计与经济研究,2017,32(2):13-23.
[17]	任缙,高明华. 产业空心化、所有权性质与业绩波动−来自中国证券市场的证据[J]. 重庆师范大学学报(社会科学版),2018(4):93-100.
[18]	丛菲菲,李曜,谷文臣. 国有创投资本对民营资本的引导效应研究[J]. 财贸经济,2019,40(10):95-110.
[19]	董小红,孙文祥,李哲. 民营企业引入国有资本能缓解融资约束吗?[J]. 管理学刊,2021,34(4):92-108.
[20]	Benlian A,Hess T,Buxmann P. Drivers of SaaS-adoption:An empirical study of different application types [J]. Business of Information Systems Engineering, 2019, 5(1):357-369.
[21]	Paula U D and Scheinkman J A. Value-added taxes,chain effects,and informality [J]. American Economic Review, 2009, 2(4):195-221.
[22]	Hung M T and Liu T T. Sino-U. S. strategic competition in Southeast Asia:China’s rise and U. S. foreign policy transformation since 9/11 [J]. Political Perspectives, 2011, 5(3):96-119.
[23]	刘建勇,王晶晶. 政治关联与民营企业产能过剩:信贷资源获取能力的中介作用[J]. 经济经纬,2018,35(4):101-106.
[24]	谭云清,翟森竞. 关系嵌入、资源获取与中国OFDI企业国际化绩效[J]. 管理评论,2020,32(2):29-39.
[25]	杨修,赵楚龙. 应急管理背景下中小企业组织韧性建设探究[J]. 北京科技大学学报(社会科学版),2020,36(3):48-54.
[26]	王斌. 股东资源理论与国有企业混合所有制改革:基于中国联通的案例[J]. 北京工商大学学报(社会科学版),2021,36(5):1-13.
[27]	谢海波. “放管服”背景下环境影响评价行政审批改革的法治化问题与解决路径[J]. 南京工业大学学报(社会科学版),2021,20(2):26-36,111.
[28]	余汉,宋增基. 国有企业政治资本和城市行政级别与经济资源获取[J]. 财经问题研究,2022(2):112-121.
[29]	杨振中,万丛颖. 参股民营企业治理结构、行业背景与国有企业绩效−基于混合所有制改革的实证研究[J]. 财经问题研究,2020(12):116-124.
[30]	张任之. 非国有股东治理能够抑制国有企业高管腐败吗?[J]. 经济与管理研究,2019,40(8):129-144.
[31]	邓建平,曾勇. 政治关联能改善民营企业的经营经营增长吗[J]. 中国工业经济,2009(2):98-108.
[32]	覃飞,沈艳. 产业政策关联度对公司业绩影响研究[J]. 数量经济技术经济研究,2021,38(9):117-138.
[33]	倪宣明,贺英杰,彭方平,等. 混合所有制改革对国有企业盈利能力水平影响及作用路径研究[J]. 管理评论,2022,34(2):33-44.

Relative Articles

[1]	JIANG Chang-liu, SI Huai-tao. Population Aging, Human Capital Structure and Innovation in Science and Technology[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2022, 38(5): 593-603. doi: 10.19979/j.cnki.issn10082689.2022030128
[2]	YANG Yang. A Contrastive Study of Employment of Engagement Resources between Chinese and English Scientific Research Articles[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2019, 35(6): 34-41.
[3]	HU Jie-rong. The Relation of Socioeconomic Status and Functional Health of Chinese Elderly People: Physic Exercises and Health Insurance as Mediator[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2019, 35(4): 61-69.
[4]	XIAO Hao-zhang, YANG Ying-ying. An Eco-analysis of the Multimodal Effects in China's EFL Education[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2018, 34(6): 1-9.
[5]	DONG Tian-mei. Evaluation of China’s Foreign Aid Policy towards Africa[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2018, 34(1): 101-111.
[6]	KUANG Zhan, YANG Yi-long. The Meta-redundant Effect of Grammatical Metaphor[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2016, 32(4): 17-22.
[7]	TIAN Li. Review of Domestic Research on Interlanguage Variation[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2016, 32(6): 25-30.
[8]	TANG Qing-ye, LI Qing. A New Approach to Discourse Studies——Mediated Discourse Analysis[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2015, 31(5): 35-40.
[9]	ZHANG Tie-nan, CAO Hong-liang, MA Wen-jiang, TANG Shu-lin. Research on the Synergy Effect Appraisal of Adaptive Enterprise Strategy Implementation Based on BSC Theory[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2010, 26(1): 37-43.
[10]	LIU Dan, YAO Ling-zhen. Micro-inspection of Wealth Effect of China Urban Inhabitants' Housing Assets[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2008, 24(1): 33-39.
[11]	CAO Fu-guo. Shareholding Structure and Corporate Governance: Rethinking of the Theoretical Logic of the Two Corporate Governance Models[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2006, 22(2): 63-72.
[12]	MA Bao-bin, LI Guang-hui. The Middle-level Studies of Administration: Seeking an Intermediary between Theory and Reality.[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2005, 21(2): 17-21,113.
[13]	CHEN Jin-zhong. Decision-making of Oversea Investment's Equity Structure[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2005, 21(2): 75-77.
[14]	ZHANG Hua, YAN Hua. Factors Influencing the Concentrated Extentof Corporate Ownership[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2002, 18(2): 90-93.
[15]	YE Wen-hui. The Institutional Creation for Protecting Ecological Resources[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2001, 17(4): 21-25.
[16]	WANG Bo, XU Wei. Adjusting the Structure of the Ownership System and Improving the Quality of Economic Development[J]. Journal of University of Science and Technology Beijing ( Social Sciences Edition), 2001, 17(1): 14-17,22.