共同机构投资者会影响公司股份回购吗?  

Do Common Institutional Investors Influence Corporate Share Buybacks?

作　　者：何威风[1] 李丽[1,2] HE Wei-feng;LI Li

机构地区：[1]中南财经政法大学 [2]湖南工学院

出　　处：《科学决策》2024年第2期1-21,共21页Scientific Decision Making

基　　金：湖南省教育厅优秀青年项目(项目编号:23B0823);中南财经政法大学中央高校基本科研业务费专项中研究生科研创新平台项目(项目编号:202411104)。

摘　　要：股份回购是公司重要的财务活动,备受资本市场中各利益相关者关注。随着我国共同机构投资者不断增加,其对公司行为的影响越来越大,然而鲜有文献关注共同机构投资者对股份回购的影响。本文以2005-2021年我国A股上市公司为研究样本,利用双向固定效应模型通过实证检验发现,共同机构投资者会抑制公司的股份回购行为,在进行一系列内生性、稳健性检验后,结论依然成立。机制研究表明,共同机构投资者是通过提高市场预期、降低机会主义以及基于公司长期价值而对股份回购产生抑制作用。异质性分析发现,这种影响在管理层持股低和现金资源较差的公司作用更大,并且金融类共同机构投资者的作用更大。本文不仅丰富了共同机构投资者和股份回购的相关研究,也为完善公司治理提供了新的启示。Share repurchase is not only an important financial activity of a company,but also a basic institutional arrangement of the capital market.With the increasing number of common institutional investors in China,their influence on corporate behavior is increasing.Based on the sample of A-share listed companies in China from 2005 to 2021,the bidirectional fixed effect model is used to find through empirical test that common institutional investors will have a negative impact on the company’s share repurchase behavior.After a series of endogeneity and robustness tests,the conclusion remains valid.Mechanistic studies show that common institutional investors will improve market expectations and corporate internal governance level,and thus reducing the incentive to buy back shares.Further analysis shows that this effect is greater in companies with low management ownership and poor cash resources,and that common institutional investors in the financial sector have a greater impact.This paper not only enriches the related research on the influencing factors of the economic consequences of common institutional investors and share repurchase,but also provides new enlightenment for improving corporate governance.

关 键 词：共同机构投资者 股份回购 信息不对称 代理成本 

分 类 号：F275.5[经济管理—企业管理]