共同机构所有权对数字资产配置的影响研究  

Research on the Impact of Common Institutional Ownership on Digital Assets Allocation

作　　者：何思锦 范合君[2] HE Sijin;FAN Hejun(Business School,Henan Normal University,Xinxiang 453000,China;College of Business Administration,Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]河南师范大学商学院,河南新乡453000 [2]首都经济贸易大学工商管理学院,北京100070

出　　处：《统计与信息论坛》2025年第2期106-118,共13页Journal of Statistics and Information

基　　金：国家社会科学基金一般项目“平台企业无序扩张中数字排斥行为的监管与治理研究”(21BJY207);河南省哲学社会科学规划项目“联动视角下河南企业数据要素的价值创造与风险管理研究”(2024CJJ068)。

摘　　要：数字资产是数据资源实现价值的关键表现形式,其配置过程面临诸多挑战,而资本市场中日益显著的共同机构所有权现象成为促进数字资产有效配置的推动性力量。基于2010—2021年沪深A股上市公司的非平衡面板数据,利用固定效应模型实证检验了在共同机构网络中数字资产配置同群效应的内在机理,并识别了同群效应的模仿机制以及发生机制。经工具变量法、PSM等一系列内生性和稳健性检验后研究发现:(1)共同机构所有权能够导致数字资产配置的同群效应。将数字资产进一步细化为数字硬件资产、数字软件资产、数字人力资产以及数字产品资产后发现,不同类别的数字资产均能观察到同群效应,其中数字软件资产的同群效应最显著。(2)机构投资者数字关注度和公司网络中心度越高,同群效应越明显。(3)共同机构网络中同群效应的模仿强度呈现出S型曲线特征。(4)高水平的同群企业信息披露质量以及激烈的行业竞争加强了数字资产配置同群效应。基于上述结论,应当重视共同机构投资者对数字资产发展的重要性,以共同机构所有权为切入点,引导微观企业的战略部署更加贴合数字经济的实践需求。Digital assets are the key manifestation of the value realization of data resources,and the allocation process faces numerous challenges.The increasingly prominent phenomenon of common institutional ownership in capital markets has emerged as a catalyzing force in the allocation of digital assets.It is noteworthy that common institutional ownership is not merely a simple equity structure phenomenon,but actually constructs a network that interconnects different enterprises.This network,formed on the basis of common institutional ownership(referred to as the common institutional network),makes the behavior of enterprises more similar,thereby reflecting as a peer effect.Based on the unbalanced panel data of listed companies on the Shanghai and Shenzhen A-shares market from 2010 to 2021,a fixed effect model is used to empirically test the intrinsic mechanisms of the peer effect in digital assets allocation within the common institutional network,and to identify the imitation mechanism and occurrence mechanism of the peer effect.After a series of endogeneity and robustness tests,it is found that common institutional ownership can lead to a peer effect in digital assets allocation.That is,the higher the digital assets allocation levels of peer firms,the higher the digital assets allocation levels of the focal firm.Further refinement of digital assets into digital hardware assets,digital software assets,digital human assets,and digital product assets reveal that the peer effect can be observed in different categories of digital assets,with the peer effect of digital software assets being the most significant.The moderating mechanism results indicate that the higher the digital attention of institutional investors,the more pronounced the peer effect in digital assets allocation becomes.When institutional investors exhibit a high level of digital attention,it not only elevates the focal firm’s focus on digital assets but also enables the timely detection of any negative actions by firms in their digital assets allocatio

关 键 词：共同机构所有权 共同机构网络 数字资产 同群效应 模仿机制 

分 类 号：F272[经济管理—企业管理]