机构投资者实地调研与上市公司融资约束——基于信息效应和治理效应双维视角的实证研究

Institutional Investors’Site Visits and Financing Constraints of Listed Companies--An Empirical Study on the Basis of Two-Dimensional Perspectives of Information Effect and Governance Effect

基于机构投资者实地调研的信息效应和治理效应,本文以2013~2017年深市机构投资者实地调研数据为研究对象,实证检验了机构投资者实地调研与上市公司融资约束之间的关系。研究发现:机构投资者实地调研能够有效改善企业信息环境与治理环境,缓解上市公司融资约束。机构投资者实地调研对上市公司融资约束的缓解作用在信息环境好、治理效率高的情况下更为显著。进一步研究表明,机构投资者实地调研是通过信息效应和治理效应两个渠道缓解了企业的融资约束,特别是在非国有企业的样本中更为显著。在替换变量衡量方法以及控制内生性问题后,该结论依然稳健。研究结论不仅有助于加深对机构投资者实地调研行为的认识,同时为改善我国资本市场信息环境提供了有益的启示。

Based on the foundation of two potential co-existent effects of institutional investors9 site visits,information effect and governance effect,this paper empirically investigates the relationship between institutional investors’site visits and financing constraints by adopting the data of investors’site visits in Shenzhen Stock Exchange from 2013 to 2017.Empirical results indicate that institutional investors’site visits can significantly mitigate the financial constrains of publicly listed companies,which effectively improve enterprise information environment and governance environment.Our main result is more pronounced for firms with higher information environment and higher corporate governance.Furthermore,through two channels:information effect and governance effect,institutional investors9 site visits mitigate the financing constraints,especially in the sample of private companies.The above finding is robust to a series of sensitivity checks,including alternative measures of test variables and additional tests that address endogeneity concerns.Overall,the research conclusions can help us to better understanding the behaviors of institutional investors’site visits,and provide important implications on the information efficiency improvement of China’s capital market.