机构投资者网络对企业商业信用的影响研究——基于融资与供给视角  

Institutional investor network and trade credit:Based on financing and supply perspective

作　　者：陈子昂 张俊瑞[1] CHEN Ziang;ZHANG Junrui(School of Management,Xi’an Jiaotong University,Xi’an 710049,China)

机构地区：[1]西安交通大学管理学院,西安710049

出　　处：《系统工程理论与实践》2023年第7期2034-2054,共21页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金(72072143);国家社会科学基金(20ZDA051,20FGLA005)。

摘　　要：商业信用是经济、管理与会计研究中的重要问题,本文以2004–2020年机构投资者重仓持股的A股上市公司数据构建机构投资者网络,实证研究其对企业商业信用融资与供给的影响.研究发现:1)机构投资者网络中心度对企业商业信用起到“开源节流”的效果,在增大企业商业信用融资的同时降低了商业信用供给;2)机构投资者网络的影响在考虑连锁董事影响后依然存在,并且通过了替换中心度指标和限制样本在制造业企业的检验;3)机构投资者网络对商业信用的影响受到企业性质和融资约束水平的调节,不同中心度指标代表的机构位置对商业信用产生不同的影响;4)机构投资者网络可以通过提升公司价值、引发分析师关注从而对商业信用产生影响,验证了治理效应和信号效应的存在,且机构网络对商业信用的影响受到供应商和客户集中度的影响,整体来看供应商和客户更加分散时,上述效应表现更强;5)机构网络促进调研行为发生从而增强商业信用融资,而企业进入融资融券目录也促进了企业获得更多商业信用融资.研究结论对于揭示机构投资者网络如何影响企业商业信用融资和供给提供了经验证据,并且有助于企业和监管层认识到机构投资者在引导商业信用资金流转方面的作用.Trade credit is an important issue in economic,management and accounting research.In this paper,we construct an institutional investor network based on the institutional investor’s heavy holding data of A-share listed companies from 2004 to 2020,and study its effect on trade credit financing and supply.We find that:1)The centrality of the institutional investor network has an“open source and save expense”effect on trade credit,increasing trade credit financing while reducing trade credit supply;2)The effect of the institutional investor network still exists after considering the influence of chain director,and it is robust after replacing the centrality measurement and limiting the sample in the manufacturing industry;3)The impact of institutional investor network on trade credit is moderated by the nature of enterprise and the level of financing constraint,and the location of institution represented by different centrality indicators has different impacts on trade credit;4)Institutional investor network affects trade credit by enhancing the value of companies and increasing analysts’attention,which verifies the governance and signaling effects,and the impact of institutional network on trade credit is influenced by the concentration of suppliers and customers,and the above effects are stronger when suppliers and customers are more dispersed overall;5)Institutional investor network promotes cite visit behavior and thus enhance trade credit financing,while the entry of“RongZiRongQuan”catalog also promotes companies to obtain more trade credit financing.The above findings provide empirical evidence on how institutional investor network affects firms’trade credit financing and supply,and help firms and regulators recognize the role of institutional investor in guiding the flow of trade credit capital.

关 键 词：机构投资者 社会网络 中心度 商业信用融资 商业信用供给 

分 类 号：F234.4[经济管理—会计学] F272.3[经济管理—国民经济]