机构股东与负债的作用互补吗?

Is it a complementary role between the institutional shareholders and the liabilities in the firms?

本文以沪深两市制造业上市公司为样本,用长达11年的时间序列数据,通过多元回归以及联立方程模型,检验了机构股东与负债对企业治理作用之间的关系。实证结果表明:机构股东持股与上市公司负债水平之间存在着显著的正相关关系,说明机构股东与负债均希望通过对方来提高对企业的治理作用,两者之间存在着较强的互补关系。进一步研究发现,这种互补关系在机构股东持股比例较大的企业中更显著;相对于国有企业,非国有企业中的机构股东治理与负债治理之间的互补关系更为显著。

This paper takes the listed companies of manufacturing industry in shanghai and shenzhen as a sample,and examines the relationship between institutional shareholders and debt on corporate governance by means of multiple regression and simultaneous equation model.The empirical results show that there is a significant positive correlation between institutional investor’s ownership and the listed company’s debt level,which indicates that both institutional shareholders and liabilities want to improve the governance of the enterprise through the other side,and there is a strong complementary relationship between the two.Further research found that this complementary relationship is more significant in the enterprises with a larger proportion of institutional shareholders;compared with the state-owned enterprises,the complementary relationship between institutional shareholder governance and debt governance in non-state-owned enterprises is more significant.