机构投资者持股上市公司行业同伴的治理效应  

The Governance Effect of Institutional Investors Holding Shares with Listed Companies of Industrial Peers

作　　者：李学峰 杨盼盼 LI Xue-feng;YANG Pan-pan(Nankai University,Tianjin 300350,China)

机构地区：[1]南开大学金融学院,天津300350

出　　处：《当代财经》2020年第10期87-98,共12页Contemporary Finance and Economics

基　　金：天津市研究生科研创新项目“机构投资者对区域环境污染的治理效应”(2019YJ5B057)。

摘　　要：从基金家族的角度,探究机构投资者持股行业同伴公司对本公司股价崩盘风险的影响。研究表明:(1)基金家族持股同伴公司的比例与本公司未来的股价崩盘风险呈显著负相关关系,意味着持股同伴公司比例越大的基金家族越会参与并改善本公司的治理,从而降低其股价崩盘风险;(2)通过检验这一影响的内在机制发现,持股同伴公司的基金家族主要是通过增大对公司管理层隐藏坏消息的监督效应,即加速市场及本公司内部负面信息融入股价,进而降低本公司的股价崩盘风险;(3)基金家族持股同伴公司与本公司股价崩盘风险之间关系的大小受崩盘风险外部性程度以及治理外部性程度的影响,即当崩盘风险外部性或治理外部性程度越高时,持股同伴公司的基金家族越会提升对本公司监督和治理的强度,从而导致本公司股价崩盘风险的下降更为显著。From the perspective of the fund family,this paper explores the impact of institutional investors holding shares of industrial peer companies on the risks of stock prices collapse of their own companies.The findings show that:(1)the proportion of fund families holding shares of the peer companies is significantly negatively correlated with the future risks of stock prices collapse of their own companies,indicating that the larger the proportion of fund families holding peer companies is,the more likely they are to participate in it and improve the governance of their own companies,thus reducing the risks of stock price collapse;(2)through examining the internal mechanism of this influence,it is found that the fund families holding peer companies mainly reduce the risks of stock price collapse of their own companies by increasing the supervision effect on the company management hiding bad news,namely,accelerating the negative information from the market or the inside of their own companies blending in the stock price;(3)the relationship between the fund families holding peer companies and the risks of stock price collapse of their own companies is affected by the degree of externality of collapse risks and the degree of governance externality,namely,the higher the degree of collapse risk externality or governance externality is,the stronger the supervision and governance of their own companies will be,which will lead to a more significant decline of the risks of the stock price collapse of their own companies.

关 键 词：基金家族 崩盘风险外部性 治理外部性 同伴效应 机构投资者持股 

分 类 号：F832.5[经济管理—金融学]