机构交叉持股的产业协同治理效应——基于中芯国际的案例研究  

Industrial Collaborative Governance Effect of Institutional Cross-ownership——A Case Study of SMIC

作　　者：刘欢 侯粲然 LIU Huan;HOU Canran(School of Business,Beijing Technology and Business University,Beijing 100048,China;School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京工商大学商学院,北京100048 [2]北京邮电大学经济管理学院,北京100876

出　　处：《北京邮电大学学报(社会科学版)》2024年第6期69-82,共14页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

基　　金：国家社会科学基金一般项目(23BJY103);北京市自然科学基金青年项目(9254031);北京市教育委员会社科计划一般项目(SM202210011011);中央高校基本科研业务费专项资金(2024RC13);全国会计重点科研课题(2023KJA1-03)。

摘　　要：以中芯国际为研究对象,基于产业协同治理的视角,讨论了机构投资者所构造的投资组合中企业财务行为的同群效应和企业决策的溢出效应。研究发现:机构投资者能够通过交叉持股对投资组合内的芯片产业链上市公司产生产业协同治理作用;投资组合内的核心企业和同业企业的研发政策呈现同群效应的特点;核心企业的决策具有溢出效应,导致核心企业本身和同业企业的股价同步变化。研究结论强调了机构投资者交叉持股在产业层面的协同治理效应,能够为上市公司、管理者、监管机构的决策制定提供参考。Based on the perspective of industrial collaborative governance,SMIC is taken as the research object to discuss the peer effect of corporate financial behavior and the spillover effect of corporate decisions in the portfolio constructed by institutional investors.The main conclusions include:(1)institutional investors can exert industrial collaborative governance effect on listed companies belonging to chip industrial chain in their investment portfolio through cross-ownership;(2)the R&D policies of the core company and peer companies in the portfolio show the characteristics of the peer effect;(3)the decisions of the core company have a spillover effect,leading to synchronous changes in the stock prices of the core company and peer companies.The conclusions emphasize industrial collaborative governance effect of institutional cross-ownership at the industrial level,which can provide reference for decision-making of listed companies,managers and regulators.

关 键 词：机构交叉持股 产业协同治理 中芯国际 

分 类 号：F272[经济管理—企业管理]