机构共同持股与企业债务负担  

Institutional Joint Ownership and Corporate Debt Burden

作　　者：杜勇[1] 何盈玉 DU Yong;HE Yingyu(College of Economics and Management,Southwest University,Chongqing 400715,China)

机构地区：[1]西南大学经济管理学院,重庆400715

出　　处：《西南大学学报（社会科学版）》2023年第1期123-137,共15页Journal of Southwest University(Social Sciences Edition)

基　　金：国家自然科学基金面上项目“机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果”(72072146),项目负责人:杜勇;中央高校基本科研业务费专项资金项目“共同分析师、生产网络与企业数字化转型”(SWU2209217),项目负责人:杜勇;西南大学创新研究2035先导计划“乡村振兴与金融创新”(SWUPilotPlan026),项目负责人:温涛。

摘　　要：基于2007—2020年A股非金融类上市公司数据考察机构共同持股对企业债务负担的影响,研究发现:机构共同持股能够缓解企业债务负担,且机构共同持股联结程度和机构共同持股比例越高,越有利于缓解企业债务负担;同时机构共同持股能够发挥抑制企业债务负担对企业全要素生产率损害的作用。从作用机制上看,一方面机构共同持股发挥协同效应使企业的商业信用增多;另一方面发挥监督治理效应,降低企业与债权人的信息不对称程度和代理成本。在区分分析师关注度和会计师事务所规模后,发现机构共同持股对企业债务负担的缓解作用在分析师少和小所审计的企业更显著。从机构共同持股视角入手,研究这一新兴股权模式对公司治理及企业债务负担的影响,对促进资本市场健康发展和经济高质量发展具有重要意义。Based on the data of A-share non-financial listed companies from 2007 to 2020,this paper explores the impact of institutional joint ownership on corporate debt burden.The study finds that institutional joint ownership can alleviate the debt burden of enterprises,and the higher the degree of connection and proportion of institutional joint ownership,the more conducive to alleviate the debt burden of enterprises.At the same time,institutional joint ownership can play a role in restraining the damage of corporate debt burden to total factor productivity.From the perspective of mechanism,on the one hand,institutional joint ownership plays a synergistic effect,which increases the commercial credit of enterprises.On the other hand,institutional joint ownership can reduce agency costs and the degree of information asymmetry between enterprises and creditors by playing a stronger supervisory and governance effect.After distinguishing the attention of analysts and the size of accounting firm,this paper finds that the mitigation effect of institutional joint ownership on the debt burden of enterprises is more significant in enterprises with few analysts and small accounting firm.From the perspective of institutional joint ownership,this paper studies the impact of this emerging equity model on corporate governance and corporate debt burden,which is of great significance to promote the healthy development of the capital market and the high-quality development of the economy.

关 键 词：机构共同持股 企业债务负担 商业信用 代理成本 信息不对称 

分 类 号：F272[经济管理—企业管理]