机构投资者持股对企业新质生产力的影响

The Impact of Institutional Investor Shareholding on New Quality Productive Forces of Enterprises

加快形成新质生产力对实现中国高质量发展战略目标具有重要意义。机构投资者可以通过监督和参与公司治理促进企业技术创新和转型升级,有助于企业新质生产力发展,但也可能与管理层同谋获取短期利益,不利于企业发展。以2011—2022年沪深A股上市公司为样本,探索机构投资者持股对企业新质生产力发展的影响及作用机制。研究发现:机构投资者持股能够显著促进企业新质生产力发展。机制分析表明:机构投资者持股通过缓解企业融资约束、抑制管理层盈余管理、减少管理层短视行为,促进企业新质生产力发展。异质性分析发现:非国有企业中机构投资者持股对企业新质生产力发展的促进作用更为突出。相较于稳定型机构投资者,交易型机构投资者对企业新质生产力发展的促进作用并不明显。

Accelerating the formation of new quality productive forces is of great significance for achieving China s high-quality development strategy.Institutional investors promote technological innovation as well as transformation and upgrading of enterprises through supervision and participation in corporate governance,which is conducive to the development of new quality productive forces of enterprises.However,they may also collude with management to seek short-term benefits,which is unfavorable to the development of enterprises.Taking the A-share listed companiesin Shanghai and Shenzhen from 2011 to 2022 as samples,this study explores the impact and mechanism of institutional investor shareholding on the development of new quality productive forces in enterprises.The study shows that institutional investor shareholding can significantly promote the development of new quality productive forces in enterprises.Mechanism analysis shows that institutional investor shareholding promotes the development of new quality productive forces in enterprises by alleviating financing constraints,suppressing earnings management and reducing short-sighted behavior of management layer.Heterogeneity analysis finds out that institutional investor shareholding in non-state-owned enterprises has a more prominent promoting effect on the development of new quality productive forces.Compared with stable institutional investors,transactional institutional investors do not have significant promoting effect on the development of new quality productive forces in enterprises.