共同机构所有权与公司违规行为——基于中国A股上市公司的经验证据  

Common Institutional Ownership and Corporate Fraud:Evidence from Chinese A-share Listed Companies

作　　者：祝天琪 陆超[1] 赵依雯 赵子颖 ZHU Tianqi;LU Chao;ZHAO Yiwen;ZHAO Ziying

机构地区：[1]北京交通大学经济管理学院,北京100044

出　　处：《北华大学学报(社会科学版)》2025年第1期55-93,F0003,153,共41页Journal of Beihua University(Social Sciences)

摘　　要：在中国资本市场,共同机构所有权现象日益普遍,学术界对共同机构所有权如何影响微观企业行为的探讨愈发深入。近年来,在我国上市公司违规行为愈演愈烈的背景下,本研究基于2009—2021年中国沪深A股上市公司数据,实证检验了共同机构所有权对公司违规行为的影响。研究结果显示:共同机构所有权能有效抑制公司违规行为,这一结论在采用工具变量法、倾向得分匹配法等一系列内生性和稳健性检验后依然成立;具体影响路径检验发现,共同机构所有权通过缓解公司融资约束、改善公司内部控制质量、提升公司违规稽查概率这三个方面实现对公司违规行为的抑制;在分析违规类型时发现,相较于管理层违规,共同机构所有权对企业经营违规和信息披露违规的抑制作用更大;考察共同机构所有权异质性后发现,压力抵制型、长期型以及市场势力较大的共同机构所有权在抑制公司违规方面的效果更为突出。本研究丰富了共同机构所有权治理作用和公司违规影响因素两方面的现有研究,为进一步约束上市公司违规行为提供新思路和经验证据。With the increasing prevalence of common institutional ownership in China’s capital market,academics are increasingly exploring the impact of common institutional ownership on micro-firm behavior.In the context of the increasing frauds of listed companies in China in recent years,this paper empirically examines the effect of common institutional ownership on corporate frauds based on data of listed companies in Shanghai and Shenzhen A-shares in China from 2009 to 2021.It is found that common institutional ownership can significantly inhibit corporate fraud,and this finding still holds after a series of endogeneity and robustness tests such as instrumental variables method and propensity score matching(PSM);Specific paths are explored to find that common institutional ownership inhibits corporate fraud by alleviating corporate financing constraints,improving the quality of corporate internal control,and enhancing the probability of corporate fraud audits.After distinguishing the types of violations,it is found that compared with management violations,common institutional ownership has a greater inhibitory effect on business violations and information disclosure violations.After examining the heterogeneity of common institutional ownership,the pressure resistance type,the long-term type and the greater market power of common institutional ownership have a stronger inhibitory effect on corporate fraud.This paper enriches the existing research on both the governance role of common institutional ownership and the influencing factors of corporate fraud,and provides new ideas and empirical evidence to further restrain the fraud of listed companies.

关 键 词：共同机构所有权 公司违规 舞弊三角理论 公司治理 

分 类 号：F830.91[经济管理—金融学]