共同机构所有权对企业资本结构动态调整的影响研究  

Research on the Impact of Common Institutional Ownership on the Dynamic Adjustment of Enterprise Capital Structure

作　　者：刘倩 邱善运 白俊 LIU Qian;QIU Shanyun;BAI Jun(Jinan University,Guangzhou,China;Shandong University,Jinan,China;Shihezi University,Shihezi,Xinjiang,China)

机构地区：[1]暨南大学管理学院 [2]山东大学经济学院 [3]石河子大学经济与管理学院/公司治理与管理创新研究中心,新疆维吾尔自治区石河子市832003

出　　处：《管理学报》2024年第12期1870-1880,共11页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(72162030)。

摘　　要：以2007~2020年沪深A股上市公司为样本,探讨共同机构所有权对企业资本结构动态调整的影响。研究发现,共同机构所有权降低了企业资本结构调整速度,且抑制了资本结构向上调整的速度,上述结果主要体现在行业市场集中度较高以及共同机构所有权势力较大时。机制分析表明,共同机构所有权通过降低企业风险承担水平和弱化管理层薪酬激励,来减缓资本结构向上调整速度。异质性分析表明,在国有企业和交易型机构投资者中,抑制作用更显著。路径检验发现,共同机构所有权主要通过抑制有息负债的增加,从而降低企业资本结构向上调整速度。This study examines the impact of common institutional ownership on corporate capital structure adjustment using A-share listed companies from 2007 to 2020.The empirical test finds that common institutional ownership reduces the speed of capital structure adjustment and mainly inhibits the speed of upward capital structure adjustment.Moreover,this effect is found to be more pronounced when the industry is more concentrated and when common ownership is more powerful.The mechanism test shows that common institutional ownership slows down the upward adjustment of capital structure mainly by reducing the level of corporate risk-taking and weakening the ability to motivate management through compensation.The heterogeneity analysis shows that the above inhibiting effect is more pronounced for SOEs and transactional institutional investors.The path test shows that common institutional ownership reduces the speed of upward adjustment of the firm’s capital structure by restricting the increase in interest-bearing debt.

关 键 词：共同机构所有权 资本结构动态调整 竞争合谋 负债不足 

分 类 号：C93[经济管理—管理学]