交叉上市、机构投资者异质性与费用粘性

Cross-listing,Heterogeneity of Institutional Investors and Cost Stickiness

机构投资者作为内部股东与外部中小投资者之间的第三方力量在公司治理中扮演着重要角色。本文以2007—2014年沪深A股上市公司为研究对象,考察了机构投资者对公司费用粘性的影响。研究表明,机构投资者持股对公司费用粘性具有显著的增强作用,而在交叉上市的公司中,由于受到严格的外部监管环境的约束,机构投资者对费用粘性的增强作用消失。进一步研究发现,机构投资者对费用粘性的增强作用是由境内机构投资者和交易型机构投资者产生的,而境外机构投资者和稳定型机构投资者对费用粘性的影响不显著。以上结论说明,机构投资者参与公司治理的效应受外部监管环境和其自身特征的影响。本文的研究为规范机构投资者行为,发挥机构投资者的治理效应具有重要意义。

As the third power between internal shareholders and external medium and small in- vestors, the institutional investors play an important role in corporate governance. Based on the A- share companies in Shanghai and Shenzhen stock market during 2007 to 2014, this paper discusses the influence of institutional investors on cost stickiness. The results show that institutional inves- tors have a significant enhancement function on cost stickiness. However, due to strict constraints of external regulatory environment, institutional investors of cross listed companies won＇t strength- en the cost stickiness. Further study shows that the enhancement function of institutional investors on cost stickiness is generated by domestic institutional investors and transactional institutional in- vestors, but foreign institutional investors and stable institutional investors have no significant im- pact on cost stickiness. The above Conclusions suggest that the effect of institutional investors on cost stickiness is influenced by external regulatory environment and their own characteristics. The study is of great significance for regulating the behavior of institutional investors and promoting the governance effect of institutional investors.