A Study of Large Shareholder’s Control Influence on Enterprise Investment: Evidences from the sector of the listed SME

摘要

According to the data of 96 small and medium enterprises which are listed companies from 2006 to 2009, this paper studies large shareholders’ controlling influence on enterprise investment by empirical approach. Through comparative studies on the overall samples and grouped samples ,we have found that: the investment level of the enterprise has a significant negative correlation with the overall samples and the shares holding ratio by the private and family enterprises; Compared with the state-owned enterprises, the investment of the private enterprises is more cautious; the enterprise investment level do not have a significant correlation with the Separation Quantum (SQ) of the Cash Flow Rights and the Control Rights in the overall samples, but it has a significant negative correlation with the sub-grouped private and family-owned enterprises.