摘要
以2012至2016年深交所A股上市公司为研究对象,实证检验机构投资者调研、大股东减持与投资效率内在关系。研究发现:大股东减持对公司投资效率具有显著负面影响,机构投资者调研对两者关系发挥抑制作用。进一步检验发现,大股东减持导致公司投资不足问题,但对过度投资没有显著影响;只有当公司属于非国有企业、内部信息环境较差时,研究结论成立,但当公司属于国有企业、内部信息环境较好时,回归结果并不显著。
Taking the A-share listed companies in ShenZhen stock exchange from 2012 to 2016 as the research object,this paper empirically tests the internal relationship among institutional investor research,major shareholder reduction and investment efficiency.It is found that the reduction of major shareholders has a significant negative effect on the investment efficiency of the company,and the research of institutional investors has an inhibitory effect on the relationship between the two.Further examination shows that the the reduction of major shareholders leads to the underinvestment of the company,but has no significant effect on the overinvestment;this conclusion is established only when the company was a non-state-owned enterprise or the internal information environment was poor,but when the company was a state-owned enterprise or the internal information environment was good,the regression results are not significant.
作者
李梅
王春晖
Li Mei;Wang Chunhui
出处
《投资研究》
CSSCI
北大核心
2020年第9期65-81,共17页
Review of Investment Studies
基金
国家自然科学基金地区项目:“民营企业境外避税地投资与代理成本:作用机制与经济后果”(项目批准号:71962012)
江西省研究生创新专项资金项目:“不同类别机构投资者认购定向增发新股对公司投资效率影响研究”(项目批准号:YC2018-B046)
山东省重点研发计划(软科学)项目:“山东省研发财税政策对企业自主创新的激励效应研究”(项目编号:2019RKB01467)
山东省社会科学规划研究项目:“山东省新旧动能转换与金融风险防范研究”(项目批准号:18CSJJ08)。
关键词
机构投资者调研
大股东减持
投资效率
内部信息环境
Institutional Investor Investigation
The Stock Reduction of Major Shareholders
Investment Efficiency
Internal Information Environment
