合格境外机构投资者与企业商业信用融资  

On Qualified Foreign Institutional Investors and Trade Credit Financing of Enterprises

作　　者：霍远[1,2] 陶圆 HuoYuan;Tao Yuan(School of Economics and Management,Shihezi University,Shihezi 832003,Xinjiang,China;Research Center of Corporate Governance and Management Innovation,Shihezi University,Shihezi 832003,Xinjiang,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]石河子大学公司治理与管理创新研究中心,新疆石河子315211

出　　处：《新疆农垦经济》2023年第9期66-79,共14页Xinjiang State Farms Economy

基　　金：国家社科基金西部项目(项目编号:19XGL019)。

摘　　要：合格境外机构投资者的发展对于我国进一步扩大高水平开放、推进经济高质量发展及提升公司治理水平具有重要意义。文章采用2007—2020年A股上市公司为研究样本,考察了合格境外机构投资者持股对公司商业信用融资的影响及影响机制,研究发现,合格境外机构投资者提升了被持股企业商业信用融资水平,经过机制检验发现,合格境外机构投资者提升企业创新绩效、信息披露质量,进而提升企业商业信用融资规模。使用PSM-DID及Heckman检验后,结果依然稳健。进一步研究表明,合格境外机构投资者对企业商业信用融资的影响存在“门槛效应”,合格境外机构投资者持股高于0.3089时,则促进作用减弱甚至呈现抑制作用。长期合格境外机构投资者更能有效地提升被持股企业商业信用融资水平。研究结果揭示了合格境外机构投资者影响企业商业信用的“黑箱”,验证了合格境外机构投资者作用企业商业信用融资具有“多元性”的特点。The development of qualified foreign institutional investors(QFIIs)is of great significance to the further expansion of high level of opening-up,the promotion of high-quality economic development and the enhancement of corporate governance.Us⁃ing A-share listed companies from 2007 to 2020 as research samples,this paper investigates the influence of QFIIs’shareholding on corporate trade credit financing and its influencing mechanism.The study finds that QFIIs improve the level of trade credit fi⁃nancing of the held enterprises.Through mechanism test,it is found that QFIIs improve corporate innovation performance and infor⁃mation disclosure quality,and further enhance the scale of enterprise trade credit financing.After PSM-DID and Heckman test,the results were still robust.Further research shows that there is a“threshold effect”on the influence of QFIIs on corporate trade cred⁃it financing.When the shareholding of QFIIs is higher than 0.3089,the promoting effect is weakened or even inhibited.Long-term QFIIs can more effectively enhance the level of trade credit financing of shareholding enterprises.The research results reveal the“black box”of QFIIs affecting corporate commercial credit,and verify that QFIIs show the characteristics of“diversity”in corpo⁃rate trade credit financing.

关 键 词：合格境外机构投资者 企业创新绩效 信息透明度 门槛效应 供应链融资 

分 类 号：F832[经济管理—金融学]