机构投资者持股与资本结构动态调整——基于非对称性视角的考察  

Institutional Investor Shareholding and Dynamic Adjustment of Capital Structure:An Examination from the Asymmetry Perspective

作　　者：葛永波 陈琦 马永凡 GE Yongbo;CHEN Qi;MA Yongfan(School of Accountancy,Shandong University of Finance and Economics,Jinan 250014,China;School of Finance,Shandong University of Finance and Economics,Jinan 250014,China;School of Economics and Trade,Shandong Management University,Jinan 250357,China)

机构地区：[1]山东财经大学会计学院,山东济南250014 [2]山东财经大学金融学院,山东济南250014 [3]山东管理学院经贸学院,山东济南250357

出　　处：《浙江工商大学学报》2024年第3期115-127,共13页Journal of Zhejiang Gongshang University

基　　金：国家社会科学基金重点项目“共同富裕目标下人口老龄化对家庭经济脆弱性的影响及治理研究”(23AJY026)。

摘　　要：在当前提出保持杠杆率稳中有降的背景下,文章以2007—2022年中国A股上市公司为样本,基于资本结构动态调整视角,使用资本结构调整速度模型实证检验了机构投资者助力企业“去杠杆”的作用效果。实证结果表明,机构投资者持股显著促进了资本结构动态调整,但向上调整时促进作用更强,表明机构投资者持股对资本结构动态调整存在非对称影响。进一步研究发现,机构投资者持股对资本结构动态调整的促进作用来源于持股机构的治理效应,并通过实地调研和委派董事两条路径发挥作用;在排除机构大股东合谋管理层的替代性解释、明晰机构持股影响下企业更倾向于使用债务融资方式调整资本结构的前提下,上述非对称影响可由机构投资者持股的资源效应解释。文章结论丰富和拓展了资本结构调整因素的相关研究,并从微观层面为“十四五”期间如何“稳杠杆、促发展”提供了经验证据。In the context of keeping the leverage ratio stable and decreasing,this article takes Chinese A-share listed companies as samples from 2007 to 2022,and empirically examines the effect of institutional investors helping enterprises“deleveraging”from the perspective of dynamic adjustment using the model of the speed of capital structure adjustment.The results show that institutional investors'shareholding significantly promotes the dynamic adjustment of capital structure,but the promotion effect is stronger when the adjustment is upward,indicating that institutional investors'shareholding has an asymmetric effect on the dynamic adjustment of capital structure.Further research finds that the promotion effect of institutional investors'shareholding on the dynamic adjustment of capital structure comes from the governance effect of shareholding institutions,and plays a role through the two paths of field research and appointment of directors.Under the premise of ruling out the alternative explanation of the collusion of management by institutional major shareholders,and clarifying that under the influence of institutional shareholding,enterprises are more inclined to adjust their capital structure by using debt financing.The above asymmetric effect can be explained by the resource effect of institutional investors'shareholding.The conclusion of this article enriches and expands the research on capital structure adjustment factors and provides empirical evidence for“stabilizing leverage and promoting development”during the 14th Five-Year Plan period from the micro level.

关 键 词：机构投资者持股 资本结构动态调整 非对称调整 治理效应 资源效应 

分 类 号：F275[经济管理—企业管理]