机构投资者异质性与上市企业投资效率

发布时间：2018-04-21 22:45

本文选题：积极股东主义 + 机构投资者持股　；参考：《南方金融》2017年09期

【摘要】：委托—代理成本较高、信息不对称等因素制约上市企业投资效率提高,发展机构投资者是解决上述问题的重要手段。从机构投资者异质性的角度,研究机构投资者持股在促进上市企业投资效率提升中的作用,分析机构投资者持股对上市企业投资效率的影响路径。结果表明:一是机构投资者持股增强了企业投资机会与投资支出的敏感性,促进了上市企业投资效率的提升;二是相对于低持股比例、交易型和非独立性机构投资者而言,高持股比例、稳定型和独立性机构投资者在提升上市企业投资效率方面的作用更为显著,且促进作用在市场化水平较高的地区发挥更加明显;三是机构投资者持股主要通过缓解融资约束以减少企业投资不足,进而提升上市企业投资效率,而对企业过度投资的抑制效果比较有限。为此,要优化机构投资者结构,提高机构投资者持股的稳定性和独立性,引导其成为我国上市企业优质资金注入的重要供给源;要通过引入机构投资者成为上市企业长期、稳定的股份持有人,发挥信号传递和价值引导作用,拓宽企业融资渠道,提升上市企业投资效率;要提高经济市场化水平,加强投资者保护等制度建设,为机构投资者发挥积极作用、促进上市企业健康发展创造条件。
[Abstract]:The high cost of principal-agent and asymmetric information restrict the improvement of investment efficiency of listed enterprises. The development of institutional investors is an important means to solve the above problems. From the perspective of institutional investor heterogeneity, this paper studies the role of institutional investor holding in promoting the investment efficiency of listed enterprises, and analyzes the influence of institutional investor holding on the investment efficiency of listed enterprises. The results show that: first, institutional investors increase the sensitivity of investment opportunities and investment expenditure, and promote the investment efficiency of listed enterprises; second, compared with low shareholding, transaction and non-independent institutional investors, The stable and independent institutional investors play a more significant role in improving the investment efficiency of listed enterprises and play a more obvious role in the areas with higher marketization level. Third, institutional investors hold shares by easing the financing constraints to reduce the lack of enterprise investment, thereby improving the investment efficiency of listed enterprises, but the inhibition of over-investment of enterprises is relatively limited. Therefore, it is necessary to optimize the structure of institutional investors, improve the stability and independence of institutional investors, and guide them to become an important supply source for the injection of high quality funds into listed enterprises, and become listed enterprises for a long time by introducing institutional investors. Stable shareholders should play the role of signal transmission and value guidance, widen the financing channels of enterprises, and enhance the investment efficiency of listed enterprises; they should raise the level of marketization of the economy and strengthen the construction of institutions such as investor protection, etc. For institutional investors to play a positive role in promoting the healthy development of listed enterprises to create conditions.
【作者单位】：石河子大学经济与管理学院;
【基金】：国家自然科学基金项目《制度背景、行业特征与公司现金持有竞争效应》(项目编号:71362004) 新疆人文社会科学重点研究基地项目《新疆上市公司财务弹性政策研究》(项目编号:XJEDU020112C01) 新疆维吾尔自治区研究生科研创新项目《宏观经济不确定性、多元化与财务柔性》(项目编号:XJGRI2015046)的资助
【分类号】：F275;F832.51

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