本文运用契约理论分析了第一大股东在股权影响力、政府影响力以及控制影响力等方面的特质对亏损上市公司发生亏损逆转可能性的影响。本文的研究发现：第一大股东在上市公司亏损后增持股票的比例越高，上市公司在短期内发生亏损逆转的可能性越大，但扭亏后第二年、第三年更有可能再次发生亏损；第一大股东为国有身份的样本组在短期内亏损逆转的可能性上明显高于第一大股东为其他身份的样本组；第一大股东的两权分离度越大，上市公司在短期内发生亏损逆转可能性越小，但第一大股东的产权性质和两权分离度并没有对上市公司扭亏后第二年、第三年再次发生亏损的可能性产生影响。本文从第一大股东视角展开对亏损逆转问题的研究，丰富了公司治理与亏损逆转形成机理等相关领域的研究文献，对企业防范财务危机、改善财务绩效及保持扭亏绩效的持续性具有重要的参考价值。%In this paper, using the contract theory to analyze the effect of the largest shareholders trait in equity influence, in-fluence and control other of government power on the possibility of listed companies’ loss reversal. This research found that the higher the proportion of the first shareholder is, the greater the possibility of loss reversal in the short term; But the loss may occur in the second year and the third year. The sample of group of the first largest shareholder is state-owned identity loss reversal in the short term. It is obviously higher than that of the first major shareholders’ other status;the greater the de-gree of separation two rights of the first major shareholder in the short term, the less likely the listed companies’ loss reversal. This paper makes a study of the problem of loss reversal from the first big shareholders perspective, in order to enrich in the literature of corporate governance and loss reversal formation mechanism, and it is useful for enterprises to prevent financial crisis and improve the financial performance and maintain the sustainable business performance.
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