摘要
选择2007—2018年我国沪深上市公司数据,实证检验了机构投资者持股与企业全要素生产率的关系。结果表明:机构投资者持股通过缓解代理问题、提高创新能力提升了企业全要素生产率,充分发挥了有效监督的作用;机构投资者持股对全要素生产率提升的促进作用在不同产权性质、审计质量与政府补助水平下的企业中都显著存在,但在非国有控股组、审计质量较高组中更强;证券投资基金持股和社保基金持股显著提升了企业的全要素生产率,券商持股抑制了企业全要素生产率的提升,QFII持股、保险基金持股和信托持股对企业全要素生产率的提升不存在显著影响。本文研究为完善公司治理、促进资本与技术要素相互融合,进而实现企业高质量发展提供了微观层面的经验证据。
This article chose the listed companies’data in Shanghai and Shenzhen Stock Markets from 2007 to 2018 to study the relationship between institutional investors holdings and total factor productivity.The results showed that,the institutional investors holdings had significantly increased the total factor productivity by mitigating agency problems and improving innovation ability,which had exerted an effective supervision.Further research found that,the promotional effect was remarkable in the enterprises with different nature of the property,the quality of auditing and the level of government subsidy,and it was more stronger in non-state-owned holdings group and high audit quality.In addition,the stock holdings of securities investment fund and social security fund had significantly increased the total factor productivity of enterprises,but brokerage shares had a negative correlation with the total factor productivity,and there wasn’t significant correlation among total factor productivity and QFII shareholding stake,insurance fund,trust holdings.The findings were beneficial for improving enterprise governance,as well as the integration of capital and technology,so as to provide empirical evidences from the micro layer for the high-quality development of enterprises.
作者
王瑶
郭泽光
WANG Yao;GUO Ze-guang(School of Accouting,Shanxi University of Finance and Economics,Taiyuan 030006,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2021年第2期113-126,共14页
Journal of Shanxi University of Finance and Economics
基金
教育部人文社科青年基金(19YJC630058)
山西省高等学校哲学社会科学研究项目(2019W066)
山西省哲学社会科学规划课题(2019B135、2019B136)
关键词
机构投资者持股
全要素生产率
高质量发展
创新能力
代理问题
institutional investors holdings
total factor productivity
high-quality development
innovation ability
agency problem
