连锁机构投资者对企业价值影响的实证研究  

Empirical Study of the Influence of Institutional Cross-owners on Corporate Value

作　　者：程碧璐 钟海燕[1] CHENG Bilu;ZHONG Haiyan(The College of Economics and Management,China Three Gorges University,Yichang 443002,China)

机构地区：[1]三峡大学经济与管理学院,湖北宜昌443002

出　　处：《运筹与管理》2023年第12期202-207,I0067-I0070,共10页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(71402082,71771139)。

摘　　要：企业间通过交叉持股形成经济关联的现象尤为常见,但学术界关于连锁机构投资者对企业制度监督的影响仍然没有形成统一的观点。本文对连锁机构投资者与企业价值之间的非线性关系进行了理论探索与实证研究。基于2005—2020年中国A股上市公司数据,本文采用层次回归方法对相关假说进行了检验。研究结果表明,连锁机构投资者与企业价值之间呈现出典型的倒U型关系。而且,CEO关联对上述倒U型关系具有显著的负向调节作用,更进一步将连锁机构投资者划分为稳定型机构投资者和交易型机构投资者,结果发现稳定型连锁机构投资者与企业价值之间存在显著的倒U型关系,而交易型则不存在这种倒U型关系。本文丰富了现有研究,并为企业如何更好地通过机构投资者交叉持股来提升自身价值提供有益指导。For the past years,it has been particularly common for listed companies to become economically connected because of institutional cross-owners.According to statistics,institutional investors in the U.S.market served as majority shareholders in an average of five different companies at the same time from 1993 to 2010.In China,as an emerging economy,the proportion of listed companies that are economically linked to institutional cross-owners increases year by year,and by 2020,it had increased to 12%,with the average shareholding of institutional cross-owners reaching 22%.With the proportion of shares held by institutional cross-owners and the development of shareholder activism,institutional cross-owners have a stronger desire and motivation to participate in corporate governance and active supervision,and exploring how to play a positive effect of institutional cross-owners on enterprise value is of great significance for promoting the benign development of the capital market and realizing the sustainable development of enterprises.Academics has not yet formed a consistent conclusion on the economic impact of institutional cross-owners,and therefore,exploring the impact of institutional cross-owners on corporate governance and capital market is still one of the more concerned topics in the academic community.Based on this,this paper uses the data of China’s A-share listed companies from 2005 to 2020,and employs hierarchical analysis to deeply examine the intrinsic correlation between institutional cross-owners and corporate value.The conclusions of the study are as follows:Firstly,the relationship between institutional cross-owners and firm value exhibits a typical inverted U-shaped relationship.Specifically,when institutional cross-owners are controlled within a certain range,institutional cross-owners favor firm value growth.However,when they exceed a certain threshold,the resulting limited attention significantly inhibits firm value growth.Secondly,CEO affiliation has a significant negative moderating effect

关 键 词：连锁机构投资者 企业价值 CEO关联 机构投资者异质性 

分 类 号：F830.59[经济管理—金融学]