摘要
利用深圳证券交易所A股上市公司2012~2018年投资者实地调研数据,探讨了投资者实地调研对企业战略调整的影响及作用机理。研究发现:投资者实地调研能够显著促进上市公司的战略调整,且此作用机制受到企业业绩和高管过度自信的影响,企业业绩和高管过度自信对投资者实地调研与企业战略调整的关系起负向调节作用;同时,投资者实地调研的效果受企业信息质量和机构投资者异质性的影响,企业信息质量不佳的公司,以及证券、基金和保险公司的实地调研对企业战略调整的影响更为显著。因此,投资者实地调研具有一定的公司治理效应,可以促使企业进行战略变革,从而优化资源配置效率。
Based on the analysis of the investors’field survey data of the A-Share listed companies in Shenzhen Stock Exchange from 2012 to 2018,this paper studies the influence of investors’field survey on enterprise strategy adjustment and the mechanism.It finds that the investors’field survey can significantly promote the strategy adjustment of the listed companies,and this effect will be negatively impacted by companies performance and executives overconfidence.The effectiveness of investor field research is influenced by the information quality and the heterogeneity of institutional investors,that is,the poor information quality,the securities,funds,and the insurance company’s on-the-spot investigation have more significant effect on the enterprise’s strategy adjustment.It implies that investor field research has certain corporate governance effect,which can foster company to take strategic reform,further,to optimize the resource allocation.
作者
刘建秋
蔡雯婷
LIU Jianqiu;CAI Wenting(School of Accounting,Hunan University of Technology and Business,Changsha Hunan 410205)
基金
国家社会科学基金项目“基于企业战略价值的社会责任投入机理与回报效应研究”(18BGL098)
湖南省研究生科研创新项目“投资者实地调研对上市公司行为的影响研究”(CX20201103)
湖南省教育厅科研重点项目“投资者实地调研的公司治理效应研究”(20A115)。
关键词
实地调研
战略调整
公司治理
Field Research
Strategy Adjustment
Corporate Governance
