Non-Controlling Major Shareholders' Exit Threat and Corporate Financing Constraints

Abstract

As an essential stakeholder of enterprises, the governance effect of non-controlling major shareholders’ exit threat has gradually attracted the attention of academia. Based on the data of China’s A-share listed companies from 2007 to 2021, this paper empirically tests the governance effect of non-controlling major shareholders on corporate financing constraints. The research results of this paper enrich the research on corporate financing constraints and reveal the effectiveness of non-controlling large shareholders’ exit threat on corporate financing constraints.