机构投资者、财务弹性与公司风险承担——基于动态面板System GMM模型的实证研究

Institutional Investors,Financial Flexibility and Corporate Risk-Taking:Based on the Empirical Research of Dynamic Panel System GMM Model

笔者以2002—2011年716家上市公司为样本,运用动态面板的System GMM估计方法,同时控制了三种内生性,研究了机构投资者、财务弹性与公司风险承担之间的关系。研究发现,机构投资者持股比例和公司财务弹性都与公司风险承担正相关,而且两者间的交互效应与公司风险承担负相关。并通过进一步研究发现,机构投资者对公司风险承担的促进作用受机构投资者稳定性影响,而且当公司的财务弹性不同时,其受机构投资者稳定性影响的程度也不同。

In this paper, dynamic System GMM model, 716 listed companies range from 2002 to 2011 are used as our sample. We use the taking into account three kinds of endogeneity at the same time, to study the relationship between institutional investors, financial flexibility and corporate risk-taking. We get the following results： both the shareholding ratio of institutional investors and corporate financial flexibility have significant positive correlation to corporate risk-taking, and their interaction effect has a significant negative correlation to corporate risk-taking. Through further study we find that, institutional investors＇ stability could affect the strength of institutional investors＇ effect on corporate risk-taking. influence by institutional investors＇ stabili Besides, when corporate financial flexibility has a change, the degree of ty make a change