机构投资者促进上市公司负债融资的实证分析

Empirical Analysis on Institutional Investor's Propelling Enlisted Companies' Debt Financing

国外的研究表明,负债具有杠杆作用和监督职能。在我国,虽然负债能够发挥杠杆作用,但是上市公司还是存在较为强烈的股权融资偏好。在投资者机构化后,机构投资者通过行使投票权、提交股东提案等有效途径积极参与公司治理,机构投资者是否改变了上市公司的股权融资偏好,提高公司的负债水平?在长达6年的数据中,机构投资者持股量与公司负债水平显著正相关,这一方面说明机构投资者所持股的上市公司与非机构投资者持股上市公司的不一致,机构投资者持股上市公司并没有表现出对股权融资的偏好;另一方面说明机构投资者的参与影响到上市公司的融资行为,使上市公司的行为回归到正常的融资优序,有利于上市公司和证券市场的健康持续发展。

Foreign research indicates debt has functions of leverage and supervision.In our country,although debt can play such roles,enlisted companies show much interest in equity financing.After institutionalizing investors,institutional investors effectively participate in corporate governance by means of voting and shareholder proposals.In the way,is it possible that institutional investors can change the preference to equity financing and consequently increase the indebtedness？ Through analyzing the data in 6 years,the paper concludes that there is a positive correlation between institutional investors＇ float and indebtedness of company.On one hand,it shows the enlisted companies investors hold differ from those non-institutional investors have,and these enlisted companies did not prefer equity financing,and on the other hand,such financing behaviors have these enlisted companies return to standard and ordered financing and contribute them and stock market to sound and sustainable development.