兼听则明,偏信则暗——基金网络对公司投资效率的信息效应

发布时间：2018-03-21 13:57

本文选题：公司治理　切入点：基金网络　出处：《经济管理》2017年10期 　论文类型：期刊论文

【摘要】：基金投资者能够通过社会网络中交流与学习来获得关键信息资源,更高效地参与公司治理,并对公司经营投资决策进行监督与建议。本文基于社会网络理论,以2009—2015年A股上市公司为样本,研究了基金网络的信息传递效应对公司投资效率的影响机理。研究发现,基金投资者的网络中心度越高时,其运用信息资源优势对投资效率进行治理的效果就越好,但这一机制主要发生在投资过度的情形下,在投资不足时没有充分发挥作用。本文还考察了基金投资者经济动机对上述治理机制的促进作用。在进一步讨论中则发现,基金投资者对投资效率的积极作用还带来了公司长期价值的增加,保证了基金投资者参与治理的经济收益。本文从社会网络与信息传递视角出发,论证了基金投资者在公司投资决策过程中所扮演的信息中介角色,研究结论支持了我国基金投资者的网络积极治理作用,丰富了机构投资者治理机制研究,同时,为监管部门的制度设计提供有意义的参考。
[Abstract]:Fund investors can obtain key information resources through communication and learning in social networks, participate in corporate governance more efficiently, and supervise and advise corporate investment decisions. This paper is based on the theory of social network. Taking A share listed companies from 2009-2015 as a sample, this paper studies the influence mechanism of the information transmission effect of fund network on the investment efficiency of the company. The study finds that the higher the network center of the fund investor, the higher the investment efficiency. The better it is to use the advantage of information resources to govern the investment efficiency, but this mechanism mainly occurs in the case of excessive investment. This paper also examines the role of the economic motivation of fund investors in promoting the above governance mechanism. In the further discussion, it is found that, The positive effect of fund investors on investment efficiency also brings about the increase of the long-term value of the company and ensures the economic benefits of the participation of fund investors in governance. This paper starts from the perspective of social network and information transmission. The paper demonstrates the information intermediary role played by fund investors in the process of investment decision-making. The conclusion supports the positive governance role of Chinese fund investors, enriches the research on the governance mechanism of institutional investors, and at the same time, To provide a meaningful reference for the regulatory system design.
【作者单位】：天津财经大学;南开大学中国公司治理研究院;天津财经大学商学院;
【基金】：国家自然科学基金重点项目“现代社会治理的组织与模式研究”(71533002) 教育部人文社会科学重点研究基地重大项目“网络社会的演化趋势与治理研究”(15JJD630001) 天津财经大学研究生科研资助计划“网络治理视角下机构投资者的治理机制研究”(2015TCB11)
【分类号】：F275;F832.51

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