Abstract：Using the data of A-share listed companies in China from 2007 to 2019, this study examines the impact of large shareholder control on the financialization of enterprises. The research finds that: The increase of the shareholding ratio of large shareholder helps to inhibit the financialization of enterprises, which supports the supervision effect of large shareholder and the investment substitution motivation of financialization; At the same time, under the circumstances of low shareholding ratio of management, serious earnings management, low shareholding ratio of institutional investors and few following analysts, the impact of large shareholder control on financialization is more significant, indicating that large shareholder does restrict the enterprise financialization through supervision effect. Further research shows that the negative impact of the shareholding ratio of large shareholder on enterprise financialization is more obvious in enterprises with non-state-owned property rights, high operation risk and large financing constraints, as well as in the environment of high financial market returns, high financial investment risks and high economic policy uncertainty.
邵志浩，尚婷婷，才国伟. 大股东控制对企业金融化的影响研究[J]. 管理学报, 2023, 20(5): 780-.
SHAO Zhihao，SHANG Tingting，CAI Guowei. Research on the Influence of Large Shareholder Control on Enterprise Financialization . Chinese Journal of Management, 2023, 20(5): 780-.
