摘要
违约风险是公司其他风险的综合结果,对公司的正常运行有较大的威胁。共同机构投资者相较于普通机构投资者有激励也会采取较强的激励措施对其所持股公司进行监管,降低其所持股公司的违约风险。以2012—2022年A股上市公司为样本的研究表明,共同机构投资者持股可以显著降低公司的违约风险。使用双重差分模型缓解潜在的内生性问题,检验结果也支持共同机构投资者持股能够显著降低公司违约风险这一结论。进一步分析发现,在股票流动性更低、共同机构投资者在特定行业持股公司的数量越多和产品市场竞争优势更低时,共同机构投资者对公司违约风险的影响越大。研究结论对于实现经济高质量发展的微观基础具有启示意义。
Default risk is the composite result of other risks faced by companies,posing a significant threat to their normal operation.Common ownership adopt strong incentive measures over regular institutional investors in regulating the companies and reducing the default risk of the companies where they hold share.Using A-share listed companies from 2012 to 2022 as a sample this study shows that common ownership can significantly reduce the default risk of companies.The use of a difference-in-differences model to alleviate potential endogeneity problems also supports the conclusion that common ownership can significantly reduce the default risk of companies.Further analysis reveals that the impact of common ownership on companies' default risk is greater when the liquidity of their stocks is lower,the number of companies where they hold shares is higher in specific industries,and the product market competitive advantage is lower.The research conclusions have implications for the micro-foundations of achieving high-quality economic development.
作者
陈胜蓝
王璟
CHEN Shenglan;WANG Jing(School of Economics,Zhejiang University of Technology,Hangzhou 310014,China;School of Economics and Management,Inner Mongolia University,Hohhot 010021,China)
出处
《商业经济与管理》
北大核心
2024年第6期88-104,共17页
Journal of Business Economics
基金
国家社会科学基金资助项目“经济政策变革、数字化转型与企业决策研究”(22FJYB014)。
