境外机构投资者持股对战略性新兴产业融资约束的影响——基于生命周期异质性视角

Impact of The Qualified Foreign Institutional Investors Shareholdings on the Financial Constraints of the Chinese Enterprises in Strategic Emerging Industries——Empirical Evidence From the Enterprise Life-cycle Heterogeneity Perspective

本文以2016年至2018年我国战略性新兴产业上市公司为研究对象,对QFII持股与战略性新兴产业企业融资约束之间的关系进行了实证研究。研究表明:第一,QFII持股显著缓解了战略性新兴产业企业的融资约束。第二,对处于成长期以及成熟期的企业,QFII持股行为对其融资约束的缓解效应显著。第三,QFII持股有助于企业通过债券融资方式来缓解融资约束,且该方式对处于成长期的企业的缓解效应显著。本文不仅丰富了机构持股和企业融资约束领域的研究,还对创造对中国资本市场发展有利的外部环境,扩大境外机构投资者队伍、改善上市公司治理有一定的实践意义。

Based on the data of A-share listed Chinese enterprises in the strategic emerging industries from 2016 to 2018, this study examines the relationship between the qualified foreign institutional investors and the financial constraints of the enterprises in the strategic emerging industries. The empirical results show that: firstly, QFII shareholdings can relieves the financing constraints of the enterprises in the strategic emerging industries. Secondly, for enterprises in the growth and maturity stages, QFII shareholdings have a significant easing effect on their financial constraints. Thirdly, QFII shareholdings can help enterprises to ease financing constraints through bond financing, and the effect is significant for enterprises in the growth stage. This study not only enriches the literature on institutional shareholdings and on financing constraints of enterprises, it is also of practical significance to create a favorable external environment for the development of China’s capital market, attract overseas institutional investors, and improve the governance of listed enterprises.