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在股权集中的所有权结构下,考察控股股东是否迎合投资者情绪增加投资。使用动态面板回归发现,控股股东存在情形下,投资者情绪依然与公司资本支出正相关,但是相关程度受到股东持股比例的影响。在两权发生分离的公司中,两权分离程度越高,控股股东迎合程度越强,不过民营控股股东的迎合程度并没有显著高于国有控股股东。
In the ownership structure of ownership concentration, the controlling shareholder whether to meet the investor sentiment to increase investment. Using the dynamic panel regression found that the existence of controlling shareholders, the investor sentiment is still positive correlation with the company’s capital expenditures, but the degree of correlation is affected by the proportion of shareholders holding. In the separation of the two rights of the company, the higher the degree of separation of the two rights, the more catered to the controlling shareholders, but the degree of caterness of the non-state owned controlling shareholders is not significantly higher than that of the state-controlled shareholders.