作者：杜勇，鄢波，陈建英
关键字：大股东异质；亏损逆转性；亏损偏好；国有控股；利益攫取
摘要/Abstract
本文研究了中国上市公司的大股东异质性对其在亏损以后发生亏损逆转的影响，实证结果表明：在所有亏损上市公司的样本中，无控股股东的亏损上市公司在亏损以后发生亏损逆转的程度明显高于有控股股东的亏损上市公司，说明股权分散产生的股东制衡效度能够促使上市公司在亏损以后积极主动地扭亏，而且亏损逆转的幅度更大；国有控股股东的亏损上市公司与其他控股股东的亏损上市公司之间、第一大股东为国有属性的亏损上市公司与第一大股东为其他属性的亏损上市公司之间在亏损逆转性上并无明显差异。
This paper studies the effect of the heterogeneity of major shareholders of listed companies in China on the loss reversibility after they occur loss, the empirical results show that in the sample of all the losses listed companies, the extent of loss reversal occurred of non-controlling shareholders of listed companies after loss was significantly higher than the losses listed companies of controlling shareholders, that have dispersed ownership and validity checks and balances to shareholders of listed companies to make proactive in losses after losses, but even larger losses reversed; the losses of state-owned controlling shareholders controlling shareholders of listed companies and the loss of other listed companies, the largest shareholder of the loss of state property the largest shareholder of listed companies and the loss of other property companies listed on the extent of the loss is not significantly reversed.