机构共同持股与企业债务融资成本——基于内外部治理机制的视角  

Institutional Common Ownership and the Cost of Debt Financing among Firms:Internal and External Governance Mechanisms

作　　者：单蒙蒙 李蕾 李元旭[3] Shan Mengmeng;Li Lei;Li Yuanxu

机构地区：[1]复旦大学旅游学系 [2]上海大学管理学院 [3]复旦大学管理学院

出　　处：《金融经济学研究》2023年第5期115-128,共14页Financial Economics Research

基　　金：国家自然科学基金面上项目(71872052);上海市“科技创新行动计划”软科学研究项目(22692199100,23692117600)。

摘　　要：基于2007-2020年中国A股上市公司数据,研究机构共同持股对企业债务融资成本的影响。结果表明,机构共同持股可以显著降低企业债务融资成本;企业内部股权结构和外部区域金融环境作为内外部治理机制存在显著调节作用,在股权集中度较低和处于区域金融发展水平较低的企业中,机构共同持股对债务融资成本的抑制作用会更强。作用机制分析发现,机构共同持股可以通过改善企业产品市场表现、降低信息不对称程度、提高公司治理水平来降低其债务融资成本。异质性分析表明,机构共同持股对非国有企业的债务融资成本抑制作用更强,且长期、稳定的共同机构投资者对企业债务融资成本能发挥更显著的抑制效应。因此,企业应结合自身条件,在引入战略投资者时关注其共同持股情况以降低企业债务融资成本,同时,监管部门也应当注意引导与规范共同机构投资者。This study used data from A-share listed firms in China from 2007 to 2020 to investigate the effects of institutional common ownership on the cost of debt financing among firms.The results showed that institutional common ownership can significantly reduce the cost of debt financing among firms.There are significant moderating effects of the ownership structure of firms and the regional financial environment,whereby the inhibitory effect of institutional common ownership on the cost of debt financing is stronger among firms with lower equity concentration and firms located in regions of lower level of financial development.Mechanism analysis revealed that institutional common ownership can lower the cost of debt financing by improving firms'performance in the product market,reducing the degree of information asymmetry and improving the level of corporate governance.A heterogeneity analysis suggested that institutional common ownership has a stronger inhibitory effect on the cost of debt financing among non-state-owned firms,while long-term and stable common institutional investors can exert a more significant inhibitory effect on the cost of debt financing among firms.Therefore,firms should keep close tabs on their common ownership situation in combination with their own conditions in order to lower the cost of debt financing when incorporating strategic investors,while regulatory authorities should also focus on guiding and regulating common institutional investors.

关 键 词：机构共同持股 债务融资成本 股权集中度 金融发展水平 

分 类 号：F272[经济管理—企业管理]