境外机构投资者能促进企业投资效率提升吗?  

Foreign Institutional ownership and Investment Efficiency

作　　者：庄明明 梁权熙[2] Zhuang Mingming;Liang Quanxi

机构地区：[1]广东外语外贸大学会计学院 [2]广西大学商学院

出　　处：《世界经济研究》2021年第2期102-117,M0004,共17页World Economy Studies

基　　金：国家自然科学基金面上项目“跨境资本流动视角的粤港澳大湾区金融合作与金融风险预警机制研究”(项目批准号:71972057);广东省软科学重点项目“多元制度视角下的粤港澳大湾区跨境资本流动与金融风险治理研究”(项目批准号:2020B1010010012)的阶段性研究成果。

摘　　要：文章以2003~2019年沪深两市A股上市公司为样本,基于手工收集的可细分到来源国的境外股东独特数据,考察了境外机构投资者对公司投资效率的影响。研究发现,境外机构投资者持股能够显著促进企业投资效率提升,而境外个人投资者持股的作用不显著。进一步研究发现,境外机构投资者对公司投资效率的影响主要是由大额持股的机构投资者和来自"海洋"法系或公司治理水平较高的国家(地区)的机构投资者驱动的。对作用机制的分析发现,境外机构投资者主要通过信息渠道和公司治理渠道影响企业投资效率。当公司较少分析师跟踪、新闻媒体关注度低、聘用非"十大"审计师、具有较高盈余管理和产品市场竞争较弱时,境外机构投资者对企业投资效率的促进作用更强。文章为理解金融全球化和自由化如何影响新兴市场国家的实际经济活动提供了新的视角,也为理解和评估中国近年来实施的一系列资本市场开放政策提供了新的参考和经验证据。Continuous opening of the capital market,high-quality utilization of foreign capital to promote real operation is an important part of China’s economic development. This paper employs a natural experiment of the stable and progressive capital market opening. By taking Chinese A-share listed companies from 2003 to 2019 as samples,we investigate the effect of foreign investors on the investment efficiency. We find that foreign institutional investors can promote the investment efficiency,and foreign individual investors are at the opposite. Furthermore,foreign institutional investors with a high proportion of shares( more than 5%),investors from civil law countries or investor with a relatively high corporate governance level are the three main driving force of promoting corporate investment efficiency. is low are the main driving force to promote the efficiency of corporate investment. Meanwhile,foreign institutional investors could influence the investment efficiency through information channel and corporate governance channel. This paper enriches the research on the influence of foreign institutional investors,and provides new empirical evidence for understanding and evaluating a series of capital market opening policies implemented in China in recent years.

关 键 词：资本市场开放 境外机构投资者 投资效率 公司治理 

分 类 号：F832.51[经济管理—金融学] F125F275F279.1