Jiangyuan Wang acknowledges the support from the MOE (Ministry of Education in China) Project of Humanities and Social Sciences (Program No. 18YJC790163).
机构署名：
本校为第一机构
院系归属：
经济与工商管理学院
摘要：
This paper empirically tests the impact of equity concentration on the investment efficiency of Chinese energy companies based on the shock that the shareholding ratio restriction of qualified foreign institutional investors (QFIIs) is relaxed. We find that equity concentration significantly improves energy companies' investment efficiency in China. Equity concentration affects the investment efficiency by influencing the first type of agency cost and the information environment. Equity concentration plays a significant role in improving the in...
