基金抱团与企业杠杆调整速度:治理效应还是压力效应  

Fund Clustering and Corporate Leverage Adjustment Speed:The Effects of Governance or Pressure

作　　者：欧阳红兵[1] 刘晓军 赵玥 黄亢 Ouyang Hongbing;Liu Xiaojun;Zhao Yue;Huang Kang

机构地区：[1]华中科技大学经济学院 [2]共青团湖北省委员会

出　　处：《金融经济学研究》2025年第2期56-74,共19页Financial Economics Research

基　　金：国家自然科学基金重大项目(71991473);华中科技大学自主创新基金重大交叉项目(2018WKZDJC004)。

摘　　要：以2007—2019年主动管理型公募基金持仓的沪深A股上市公司为研究样本,使用复杂网络Louvain算法识别基金网络中的抱团行为。研究结果发现,基金抱团能够减缓上市公司杠杆调整的速度,该结论在考虑了内生性问题、稳健性检验后仍然成立。机制分析表明,基金抱团的动机在于追求短期绩效,会增加被抱团公司的股价风险和信息不对称,进而对企业杠杆调整产生压力效应。异质性分析发现,基金抱团造成的股价波动不利于上市公司通过增发融资的方式进行杠杆调整;当企业具有良好的现金流水平时,能够缓解基金抱团对杠杆调整的负面影响。经济后果检验发现,基金抱团导致的杠杆调整速度减缓不利于上市公司价值提升。因此,政策制定者应更好地理解机构投资者复杂关联及抱团行为对实体企业融资决策产生的经济后果,通过规范机构投资者交易行为以提升实体经济资源配置效率。In this study,the holdings of actively managed public mutual funds in Shanghai and Shenzhen A-share listed companies for the period 2007-2019 were examined using the complex network Louvain algorithm to identify clustering behavior within the fund network.The findings indicated that fund clustering slowed down the leverage adjustment speed of listed companies,a conclusion that held even after addressing endogeneity issues and conducting robustness checks.A mechanism analysis suggested that the motivation behind fund clustering was the pursuit of short-term performance,which increased the stock price risk and information asymmetry of the clustered companies,thereby exerting pressure on corporate leverage adjustment.A heterogeneity analysis revealed that stock price volatility caused by fund clustering was detrimental to listed companies'leverage adjustment through seasoned equity offerings;however,companies with strong cash flow levels could mitigate the negative impact of fund clustering on leverage adjustment.An economic consequences test showed that the slowed leverage adjustment speed resulting from fund clustering was detrimental to the value enhancement of listed companies.Therefore,policymakers should have a better understanding of the economic consequences of institutional investors'complex relationships and clustering behaviors on corporate financing decisions and aim to regulate institutional investors'trading behaviors to enhance the resource allocation efficiency of the real economy.

关 键 词：基金抱团 杠杆调整速度 动态权衡理论 市场反应 融资决策 

分 类 号：F830[经济管理—金融学]