减持新规影响上市公司投资效率吗?——基于股票流动性视角的实证分析

Will the New Shareholding Reduction Rule Affect the Investment Efficiency of Listed Companies?Empirical Analysis from the Stock Liquidity Perspective

利用A股上市公司数据,本文实证检验2017年出台的减持新规对上市公司投资决策的影响。2017年出台的减持新规虽在一定程度上降低了股票流动性,但有助于让上市公司的目标从追逐短期业绩向提升投资效率转变。本文发现:减持新规出台后,上市公司投资效率有所提升;股东质押率越高的上市公司,其投资效率的提升幅度越大,且该结果主要存在于非国有控股的上市公司;减持新规通过降低股票流动性影响上市公司投资效率。本文有助于理解股票流动性对投资决策的影响,也有助于市场和监管部门更加全面公允地评价减持新规的经济后果。

Based on the data of A-share listed companies,this paper empirically tests the impact of the new shareholding reduction rule issued in 2017 on corporate investment decisions.Although the new shareholding reduction rule introduced in 2017 has reduced the stock liquidity,it helps to change the goal of firms from chasing short-term results to improving investment efficiency.The empirical results of this paper show that the investment efficiency of listed companies has been improved after the promulgation of the new shareholding reduction rule.Moreover,a higher shareholder’s loan-to-value ratio is accompanied by a greater improvement of investment efficiency of listed companies,which mainly exists in non-state-controlled listed companies.Finally,the new shareholding reduction rule affects investment efficiency partly through the channel of reduction of stock liquidity.Our findings can help the market and regulatory authorities to evaluate the economic consequences of the new shareholding reduction rule more comprehensively and fairly.