摘要
作为市场的重要参与者之一,机构投资者的作用越来越受人们关注。基于现金持有价值视角,本文以沪深A股2001-2019年非金融类上市公司作为研究样本,实证考察异质性机构投资者的治理效应,并探讨其作用机理。研究结果表明:压力抵制型机构投资者持股提升了现金持有价值,具有正向治理效应;压力敏感型机构投资者持股降低了现金持有价值,具有负向治理效应。高股权集中度弱化了压力抵制型机构投资者的正向治理效应,压力抵制型机构投资者扮演着“监督者”角色;高股权集中度、高管理层持股比例加剧了压力敏感型机构投资者的负向治理效应,独立董事占比高缓解了压力敏感型机构投资者的负向治理效应,压力敏感型机构投资者扮演着“合谋者”角色。压力抵制型机构投资者在国企和民企中都发挥了正向治理作用,压力敏感型机构投资者主要在国企中发挥了负向治理作用。稳健性检验表明上述结论依然成立。机制性分析排除了机构投资者通过影响公司融资约束程度来影响现金持有价值,压力抵制型机构投资者持股对现金持有水平和非效率投资水平影响不显著,主要通过提高公司创新活动来提升现金持有价值,发挥了正向治理作用;压力敏感型机构投资者持股虽增加了现金持有水平,但同时降低了公司创新活动和提高了公司非效率投资,进而降低了现金持有价值,发挥了负向治理作用。
As one of the important participants in the market,the role of institutional investors has attracted more and more attention.Based on the perspective of cash holding value,the author takes Shanghai and Shenzhen A-share non-financial listed companies from 2001 to 2019 as research samples to empirically investigate the governance effect of heterogeneous institutional investors,and explore its mechanism of action.The research results show:The holdings of pressure-resistant institutional investors increase the value of cash holdings and have a positive governance effect;the holdings of pressure-sensitive institutional investors reduce the value of cash holdings and have a negative governance effect.Further analysis shows that:High equity concentration weakens the positive governance effect of pressure-resistant institutional investors,and pressure-resistant institutional investors play the role of“supervisor”.High equity concentration and management shareholding ratio increase the negative governance effect of pressure-sensitive institutional investors,the high proportion of independent directors alleviates the negative governance effect of pressure-sensitive institutional investors.The pressure-sensitive institutional investors play the role of“conspirators”.Pressure-resistant institutional investors play a positive governance role in both state-owned enterprises and private enterprises,while pressure-sensitive institutional investors mainly play a negative governance role in state-owned enterprises.The robustness test shows that the above conclusions are still valid.The mechanism discussion excludes that institutional investors influence the value of cash holdings by influencing the degree of corporate financing constraints.The pressure-resistant institutional investors,playing a positive governance role,have no significant impact on the level of cash holdings and inefficient investment and increase the value of cash holdings mainly by improving enterprises’innovation activities.Although institutional inv
作者
胡亚峰
冯科
邓国胜
HU Ya-feng;FENG Ke;DENG Guo-sheng(School of Public Policy&Management,Tsinghua University,Beijing 100084,China;School of Economics,Peking University,Beijing 100871,China)
出处
《商业研究》
CSSCI
北大核心
2022年第6期54-64,共11页
Commercial Research
基金
北京市社会科学基金重点项目“京津冀协同发展中的区块链与供应链金融应用研究”,项目编号:19JDYJA008。
关键词
机构投资者
异质性
治理效应
现金持有价值
institutional investors
heterogeneity
governance effect
cash holding value
