机构投资者持股对企业实体投资水平影响研究

Research on the Impact of Heterogeneous Institutional Investors’Shareholdings on Level of Investment in Business Entities

实体投资与社会产能息息相关,对企业可持续发展和竞争能力的提升具有重要的影响。本文选取2012-2021年A股上市公司的数据为研究样本,探索机构投资者持股对企业实体投资水平的影响。研究结果表明,机构投资者持股能显著提升企业实体投资水平;异质性分析显示,压力抵制型机构投资者持股对企业实体投资水平的提升效果优于压力敏感型机构投资者。进一步从激励、监督和纾困的角度进行影响渠道分析发现,加大高管薪酬差距、提升会计稳健性水平和缓解融资约束,是机构投资者持股提升企业实体投资水平的影响渠道。

Real investment is closely related to social production capacity,and has a significant impact on the sustainable development and competitiveness of enterprises.This paper selects the data of A-share listed companies from 2012-2021 as the research sample to explore the impact of institutional investors’shareholding on the level of real investment of enterprises.The results show that institutional investors’shareholding can increase the level of corporate entity investment significantly;Heterogeneity analysis shows that pressure-resistant institutional investors’shareholding has a better effect than pressure-sensitive institutional investors on the level of corporate entity investment.Furthermore,the article explore the mechanism of action from the perspectives of incentives,supervision and relief reveals.The results show that institutional investors’shareholding can enhance the level of investment in business entities by increasing the gap in executive compensation,improving accounting soundness and alleviating financing constraints.