机构投资者网络嵌入与企业金融决策——基于实体企业金融化的研究视角  

Network Embedding of Institutional Investors and Corporate Financial Decisions——Based on the Angle of the Financialization of Entity Enterprises

作　　者：马连福 秦鹤 杜善重 MA Lian-fu;QIN He;DU Shan-zhong(China Academy of Corporate Governance/Business School,Nankai University,Tianjin 300071,China)

机构地区：[1]南开大学中国公司治理研究院/商学院,天津300071

出　　处：《山西财经大学学报》2021年第2期99-112,共14页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(71772094、71372093);教育部人文社会科学重点研究基地重大项目(18JJD630002)

摘　　要：以2007—2018年A股制造业上市公司为样本,从网络嵌入视角出发,实证检验了机构投资者网络嵌入对我国实体企业金融化决策的影响。研究发现:机构投资者网络关系嵌入和结构嵌入对企业金融化具有显著正向影响,且在低制度环境下更能发挥作用,而在高制度环境下的引导作用则不明显;机制检验结果表明,激发公司决策者通过金融化进行保值的意愿与增强决策者的能力是两条潜在的作用渠道;公司的学习能力越强,机构投资者网络嵌入对企业金融决策的引导作用越明显。From the perspective of network embeddedness,this study,based on a sample of the A-share listed manufacturing companies in Shanghai and Shenzhen from 2007 to 2018,empirically examined the impact of the network embedding of institutional investors on the financialization decisions of entity enterprises.We found that,the network relationship embedding and structural embedding of institutional investors had a positive impact on enterprise financialization,which was more stronger in the environment with weaker institutional system.But the guiding effect was not evident in the envrionment with stronger institutional system.Mechanism test showed that,there were two potential channels to promote enterprise financialization,that is,stimulating decision-makers’willingness to maintain their value through financialization and enhancing their capabilities.In addition,the learning capacity of enterprises played a positive moderating role between institutional investor network and the financialization of entity enterprises.

关 键 词：机构投资者网络 网络嵌入 实体企业金融化 信息优势 有限能力假设 

分 类 号：F832.51[经济管理—金融学] F425