关键词: 中小股东参与, 公司治理, 企业金融化

Abstract: Sample data from companies listed on Shenzhen Stock Exchange from 2014 to 2020 are used to empirically examine the impact of retail shareholders’ participation in governance on corporate financialization. The research finds that active participation of retail shareholders in corporate governance significantly suppresses the level of corporate financialization. This effect is more prominent in samples with a more comprehensive external institutional environment, higher level of internal control, and high equity checks and balances. Mechanism tests show that retail shareholders realize the suppression of corporate financialization by reducing managerial agency costs, curbing major shareholders’ tunneling behaviors, and enhancing corporate information transparency. This study provides theoretical support and empirical evidence for policy formulation on improving internal and external protection systems for retail shareholders, expanding their participation channels in governance, and playing their active roles.

Key words: retail shareholders’ participation, corporate governance, corporate financialization