机构投资者退出威胁能有效抑制高管机会主义减持吗?  

Can the Exit Threat of Institutional Investors Effectively Restrain the Opportunistic Stock Selling of Executives?

作　　者：陈作华[1] 陈娇娇 许晔 Chen Zuohua;Chen Jiaojiao;Xu Ye

机构地区：[1]山东财经大学会计学院,山东济南250014 [2]东北财经大学萨里国际学院,辽宁大连116025

出　　处：《证券市场导报》2024年第2期33-44,共12页Securities Market Herald

基　　金：山东省自然科学基金项目“薪酬差距、超额薪酬对高管减持行为的影响机理及监管对策研究”(项目编号:ZR2022MG038)。

摘　　要：本文以2007—2020年中国A股上市公司为研究样本,考察机构投资者退出威胁对高管机会主义减持行为的影响及作用机制。研究发现,机构投资者退出威胁能够有效抑制高管机会主义减持行为,具有显著的治理效应。机构投资者退出威胁有效降低了股价波动和股票错误定价,从而显著抑制了高管机会主义减持。环境不确定性和管理层自利性越强,则机构投资者退出威胁对高管机会主义减持的抑制效应越弱。进一步分析发现,上市公司机构投资者为交易型、发生股权质押以及产权性质为非国有企业时,机构投资者退出威胁对高管机会主义减持的影响更强;而且机构投资者退出威胁治理效应产生了积极的后果,显著抑制了高管减持寻租,提升了企业价值,降低了高管减持时的择机性。Using the sample of China’s A-share listed companies from 2007 to 2020,the paper investigates the impact of the exit threat of institutional investors on the opportunistic stock selling of executives and its mechanism.This study finds that the exit threat of institutional investors can effectively restrain the opportunistic stock selling behavior of executives,and the exit threat of institutional investors has a significant governance effect.The exit threat of institutional investors effectively reduces stock price volatility and pricing errors,which significantly restrains the opportunistic stock selling of executives.The higher the environmental uncertainty and management’s self-interest,the weaker the inhibitory effect of the exit threat of institutional investors on the opportunistic stock selling of executives.Further analysis finds that the impact of the exit threat of institutional investors on the opportunistic stock selling of executives is stronger when the institutional investors in the listed companies are transaction-oriented,when there is an equity pledge,and when the property rights are non-state-owned enterprises.In addition,the governance effect of the exit threat of institutional investors has positive consequences,including significantly inhibiting the rent-seeking of executives’stock selling,increasing corporate value,and reducing the opportunistic nature of the stock selling of executives.

关 键 词：机构投资者 退出威胁 高管减持 机会主义 

分 类 号：F830.9[经济管理—金融学]