安全投入、机构持股与企业价值——基于煤炭行业上市公司的研究

Safety Investment, Institutional Shareholding and Company Value——A Research Based on the Listed Coal Enterprises

安全生产对于企业健康发展至关重要。本文以我国煤炭行业25家上市公司20122018年的数据为研究样本,建立面板数据的多元回归模型,实证研究了煤炭企业的安全投入与企业价值之间的关系,以及机构投资者持股在二者关系中的调节作用。研究表明:煤炭企业提高安全投入水平能够显著促进企业价值的提升;机构投资者持股在二者关系中起到显著的正向调节作用,会进一步加强安全投入对企业价值的积极影响。论文在此基础上,从规范煤炭企业安全管理、提高煤炭企业安全投入以及发挥机构投资者作用等方面提出建议。

The prerequisite for promoting development is to ensure the safety of production.The paper establishes a multiple regression model of panel data using the data of 25 listed companies in China’s coal industry in 2012-2018.Then,it empirically studies the relationship between the safety investment and enterprise value of coal enterprises,and the moderating role of institutional investors’shareholding in the relationship.Research shows that increasing the safety investment level of coal enterprises can significantly promote the enhancement of enterprise value;institutional investors’shareholding plays a significant positive regulatory role in the relationship between the two,and will further strengthen the positive impact of safety investment on enterprise value.Finally,based on the empirical result,this paper puts forward some suggestions in terms of regulating the safety management of coal enterprises,increasing the safety investment of coal enterprises,and enhancing the behavior of institutional investors.