共同机构所有权与实体企业金融化:协同治理还是竞争合谋?  

Joint Institutional Ownership and Financialization of Real Enterprises:Collaborative Governance or Competitive Collusion?

作　　者：李娜[1] 邵剑兵[1] Li Na;Shao Jianbing

机构地区：[1]辽宁大学经济学部商学院,辽宁沈阳110036

出　　处：《企业经济》2023年第7期129-140,共12页Enterprise Economy

基　　金：国家社会科学基金项目“大数据情境下国有企业高管层激励与监管动态耦合研究”(项目编号:18BGL081);辽宁大学学术型研究生科研创新项目“共同机构所有权与实体企业金融化:协同治理还是竞争合谋”(项目编号:21GIP004)。

摘　　要：本文基于2007—2020年沪深A股上市公司数据,探究共同机构所有权对企业金融化的影响。研究表明,共同机构所有权与企业金融化呈倒U型关系,左侧协同治理占优,右侧竞争合谋占优。在内生性及稳健性检验后,结论依然成立。在效应识别检验中,基于信息优势、高管金融背景、市场竞争程度以及反事实检验,验证了共同机构投资者在金融化治理中同时存在协同治理与竞争合谋两种效应。进一步研究发现,共同机构投资者通过“用手投票”作用于金融化决策,并着重体现在长期金融资产配置方面,在国有企业中的非线性作用更明显。企业要基于内部治理要素对金融化进行源头治理,适当引入共同机构投资者,同时监管部门要适度放权,鼓励机构投资者联合与抱团。Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020,this paper explores the impact of joint institutional ownership on corporate financialization.The research shows that the ownership of joint institutions and the financialization of enterprises have an inverted U-shaped relationship,with collaborative governance dominating on the left and competitive collusion dominating on the right.After endogenous and robustness testing,the conclusions still hold.In the effect identification test,based on the information advantage,executive financial background,market competition degree and counterfactual test,it proves that there are two effects of collaborative governance and competitive collusion in the financial governance of joint institutional investors.Further research has found that joint institutional investors influence financialization decisions through"hand voting",and focus on the long-term financial asset allocation,playing a more obvious non-linear role in state-owned enterprises.Enterprises should conduct source governance of"financialization"based on internal governance elements and appropriately introduce joint institutional investors,at the same time,regulatory authorities should moderately delegate power and encourage institutional investors to unite and form alliances.

关 键 词：共同机构所有权 实体企业金融化 协同治理 竞争合谋 

分 类 号：F406[经济管理—产业经济]