机构投资者网络如何影响公司现金持有?——基于网络治理效应的经验证据  

How Does the Network of Institutional Investors Affect Corporate Cash Holdings? Empirical Evidence Based on the Network Governance Effect

作　　者：杨兴全[1] 陈飞[1] 王丽丽 YANG Xing-quan;CHEN Fei;WANG Li-li(School of Economics and Management,Shihezi University,Shihezi 832003,China;School of Economics and Management,Taishan University,Taian 271000,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832003 [2]泰山学院经济管理学院,山东泰安271000

出　　处：《现代财经（天津财经大学学报）》2023年第4期40-63,共24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(72062027);泰安市科技创新发展项目(2021ZC487)。

摘　　要：基于我国沪深两市A股2007—2019年上市公司面板的经验证据,本文研究表明:机构投资者网络能够显著提升公司现金持有水平;机构投资者网络对公司现金持有水平的正向影响在管理层权力较高组及内部公司治理水平较低组更加显著;作用机制研究发现,机构网络对现金持有水平的正向影响主要源于其治理效应的有效发挥,通过抑制管理层的过度投资和在职消费缓解了高管的现金“耗散”行为;机构网络可以通过提升企业创新水平优化超额持现的再次分配并提升企业价值。本文证实了机构网络提升企业现金持有水平源自有效的网络治理效应,丰富了现金持有的影响因素研究和机构网络的后果研究。Based on the empirical evidence from the panel of A-shares listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2019,this paper shows that:networks of institutional investors can significantly enhance corporate cash holdings,and the positive influence of institutional networks on corporate cash holding levels is more significant in groups with higher management power and lower internal corporate governance levels.The research on the mechanism finds that the positive impact of institutional networks on cash holding levels is primarily attributable to the effective play of its governance effect,which mitigated the cash"dissipation"behavior of senior executives by restraining the over-investment and perquisite consumption of management.The institutional network can optimize the redistribution of excess cash holdings and enhance enterprise value by improving the innovation level of enterprises.This paper confirms that the improvement of corporate cash holdings by institutional networks derives from the effective network governance,and enriches the research on the influencing factors of cash holdings and the consequences of institutional networks.

关 键 词：机构网络 过度投资 在职消费 现金持有 企业价值 

分 类 号：F27[经济管理—企业管理]