机构投资者异质性对上市公司融资约束的影响

发布时间：2018-01-04 17:30

本文关键词：机构投资者异质性对上市公司融资约束的影响　出处：《西南交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：在不完全市场中,融资约束是上市公司普遍面临的难题,而信息不对称与代理成本是导致公司融资约束的两个重要原因,信息不对称和代理成本会增加企业的外部融资成本,从而引起企业融资约束问题。有研究表明,机构投资者持股能够有效缓解上市公司融资约束,本文根据机构投资者是否与被投资方存在商业关系为标准,将机构投资者划分为“压力敏感型”机构投资者和“压力抑制型”机构投资者,探索机构投资者异质性对融资约束的影响,同时也探讨了机构投资者对不同股权性质上市公司资约束的影响。本文在综述国内外有关机构投资者与融资约束的文献基础上,选取沪深交易所2010-2012的样本上市公司,采用Almeida的现金-现金流模型来衡量融资约束,针对压力敏感型和抑制型机构投资者进行了实证研究,结果表明,机构投资者可以减轻民营企业的融资约束水平,但在国有企业中表现不显著；压力抑制型机构投资者可以缓解融资约束,而压力敏感型机构投资者表现不显著。
[Abstract]:In the incomplete market , financing restriction is a difficult problem commonly faced by listed companies , and information asymmetry and agency cost are two important causes of corporate financing constraints . The research shows that institutional investors can effectively mitigate the financing constraints of listed companies . The research shows that institutional investors can effectively mitigate the financing constraints of listed companies . On the basis of summarizing the literatures about institutional investors and financing constraints at home and abroad , the paper selects the sample listed companies of Shanghai and Shenzhen Stock Exchange 2010 - 2012 to measure the financing constraints by using the cash - cash flow model of Almeida . The results show that institutional investors can reduce the financing constraint level of the private enterprises , but do not show significant performance in the state - owned enterprises ; and the investors of the pressure - sensitive institutional investors can mitigate the financing constraints , and the investors of the pressure - sensitive institutional investors are not significant .

【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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