摘要
本文以2004～2013年沪、深两市A股非国有企业为样本,研究机构投资者持股对非国有企业融资约束的影响,并分析持续经营审计意见在其中的调节作用,考察在机构投资者异质性与宏观金融环境下,该作用机制的效果与表现,研究结果表明:机构投资者持股能显著缓解非国有企业融资约束;持续经营审计意见显著削弱了机构投资者持股对非国有企业融资约束的缓解作用;在压力敏感型机构投资者持股比例较高的非国有企业或货币政策宽松阶段,持续经营审计意见在削弱机构投资者持股对非国有企业融资约束的缓解作用方面更为显著。
By selecting the A-share listed non-state firms in Shanghai stock exchange and Shenzhen stock exchange from 2004 to 2013as research sample,this paper examines the relationship between institutional investors and financing constraints,and analyzes the regulatory mechanism of goingconcern opinions,and investigates the effect and performance of this mechanism in the heterogeneity of institutional investors and macro financial environment.The results show that institutional investors can alleviate non-state firms financing constraints;going-concern opinions can exacerbate non-state firms financing constraints;and going-concern opinions can significantly weaken the mitigation effect of institutional investors＇ shareholding on financing constraints when the pressure sensitive institutional investors hold a higher proportion of non-state firms or in the monetary policy easing stage.
出处
《中南财经政法大学学报》
CSSCI
北大核心
2016年第6期58-67,160,共10页
Journal of Zhongnan University of Economics and Law
基金
国家社会科学基金项目"持续经营审计意见对资本市场资源配置效率的影响机理研究"(15BGL051)
审计署重点科研课题项目"论国家审计是国家治理的基石和重要保障"(15SJ01001)
国家自然科学基金项目"市场化环境对企业创新投资效率的影响机理研究:宏微观视角"(71572009)
关键词
机构投资者
持续经营审计意见
融资约束
非国有企业
货币政策
Institutional Investors
Going-Concern Opinions
Financing Constraints
Non-state Firms
Monetary Policy
