机构交叉持股与企业金融化:促进还是抑制  

Institutional Cross-Ownership and Corporate Financialization: Promotion or Inhibition

作　　者：周泰云 邢斐[2] 李根丽 ZHOU Tai-yun;XING Fei;LI Gen-li(College of Economics&-Management,Anhui Agricultural University,Hefei 230036,China;School of Economics,Huazhong University of Science and Technology,Wuhan 430074,China)

机构地区：[1]安徽农业大学经济管理学院,安徽合肥230036 [2]华中科技大学经济学院,湖北武汉430074

出　　处：《现代财经（天津财经大学学报）》2021年第12期33-48,共16页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(71874061)。

摘　　要：实体企业过度金融化行为会阻碍宏观经济健康发展,因此,从公司治理视角探究抑制企业金融化的可能路径尤为必要。本文以2008-2018年中国A股非金融类上市公司为样本,实证检验了机构交叉持股对企业金融化的影响及其作用机制。研究发现,机构交叉持股能够显著降低企业金融化水平,其中提高企业主业业绩和增加创新投入是两条潜在的作用渠道。进一步研究表明,相比于其他企业,机构交叉持股对金融化的抑制作用在审计质量较低和股权集中度较低的企业中更为显著。本文的发现不仅以企业金融化为切入点证实了交叉机构投资者具有积极的外部治理效应,而且为规范管理者行为和引导企业"脱虚向实"提供了重要的参考价值。Excessive financialization behavior of real enterprises can hinder healthy macroeconomic development. Therefore, it is particularly necessary to explore possible paths to curb corporate financialization from a corporate governance perspective. This paper takes China’s A-share non-financial listed companies from 2008 to 2018 as a sample to explore the impact of institutional cross-ownership on corporate financialization. The results show that institutional cross-ownership can significantly reduce the level of corporate financialization, and improving the performance of the main business and increasing innovation input are two potential channels of action. Further research shows that, compared with other companies, the inhibitory effect of institutional cross-ownership on financialization is more significant in companies with lower audit quality and lower equity concentration. The research in this paper not only confirms the important role of the external governance mechanism with the participation of inter-institutional investors in corporate governance from the perspective of corporate financialization, but also provides reference value for regulating the behavior of managers and guiding the enterprise to remove “from the virtual to the real”.

关 键 词：机构交叉持股 企业金融化 主业业绩 创新投入 

分 类 号：F272[经济管理—企业管理]