压力还是监督:机构投资者调研与企业金融化  

Pressure or Monitoring:Institutional Investor s Research and Corporate Financialization

作　　者：施慧洪[1] 王冠文 王佳妮[1] SHI Huihong;WANG Guanwen;WANG Jiani(School of Finance,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学金融学院,北京100070

出　　处：《南京审计大学学报》2024年第1期76-87,共12页Journal of Nanjing Audit University

基　　金：国家社会科学基金一般项目(20BGL069)。

摘　　要：基于2013—2021年深交所A股上市公司面板数据,从监督效应和压力效应两种竞争视角,考察机构投资者调研对企业金融化的影响。结果表明,机构投资者调研对企业金融化具有正向影响。划分金融资产配置结构后发现,机构投资者调研能够促进企业配置“蓄水池”类金融资产,抑制企业配置“投资替代”类金融资产,这说明机构投资者调研对企业金融资产配置具有监督效应。进一步研究发现,融资约束较低、代理成本较高的企业,机构投资者调研对其金融资产配置的监督效应更强;机构投资者调研对金融资产配置的监督效应有助于提高企业全要素生产率。研究结果对有关部门完善投资者关系管理,借助市场手段改善“脱实向虚”问题提供了可行依据。Based on panel data of Chinese A-share listed companies of Shenzhen Stock Exchange from 2013 to 2021,this paper examines the impact of institutional investor s research on corporate financialization from two competing perspectives:pressure effect and monitoring effect.The results show that institutional investor s research has a positive impact on corporate financialization.After dividing the financial asset allocation structure,we find that institutional investor s research can promote firms allocation of“reservoir”financial assets and discourage firms from allocating“investment alternative”financial assets,indicating that institutional investor s research has a monitoring effect on firms financial asset allocation.Further study found that the monitoring effect of institutional investor s research on financial asset allocation was more pronounced for firms with lower financing constraints and higher agency costs.The monitoring effect of institutional investor s research on financial asset allocation helps to improve firms total factor productivity.The results provide a feasible basis for the authorities to improve investor relations management and improve the problem of“off the real to the virtual”by market means.

关 键 词：机构投资者调研 企业金融化 “脱实向虚” 融资约束 代理成本 金融资产配置 监督效应 压力效应 

分 类 号：F272.3[经济管理—企业管理] F832.5[经济管理—国民经济]