机构投资者如何影响企业全要素生产率?

How Do Institutional Investors Affect TFP?

作为证券市场主导力量,机构投资者在提升企业全要素生产率方面发挥着积极作用。在理论推演了二者关系的基础上,运用2009—2017年沪深A股上市公司进行数据检验,研究发现:机构持股者对被投资企业全要素生产率具有明显促进作用,且稳定型机构投资者对全要素生产率的促进作用明显强于交易型机构投资者。进一步研究发现,稳定型机构投资者能够通过影响财务冗余与内部控制提升全要素生产率,而交易型机构投资者对全要素生产率并无直接影响,但可以通过影响企业内部控制水平促进全要素生产率。

As a leading force in the securities market,institutional investors play an active role in improving the total factor productivity of enterprises.Based on the theoretical deduction of the relationship between institutional investors and total factor productivity,using the data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2017,the paper finds that institutional shareholders have a significant role in promoting the total factor productivity of invested enterprises.And the stable institutional investors have a significantly stronger role in promoting total factor productivity than transactional institutional investors.Further research finds that stable institutional investors can increase total factor productivity by influencing financial redundancy and internal control,while transactional institutional investors have no direct impact on total factor productivity,but can promote total factor productivity by affecting internal control levels.