名人持股与企业融资约束——基于新三板公司的经验证据

Celebrity Shareholding and Financing Constraints:Based onthe Empirical Evidence of NEEQ Companies

股东特质影响公司财务行为。现有关于股东背景特征与公司财务领域的研究,忽略了“名人”这一特殊的投资人群体。基于中国特有的文化与市场环境,依据《福布斯中国名人榜(2014—2020)》,通过公开披露的年报数据,结合手工搜寻匹配,建立新三板名人持股公司数据库,实证检验了名人持股对公司融资约束的影响。研究发现,名人持股有助于缓解公司的融资约束水平,降低信息不对称程度是名人持股缓解融资约束的作用机制。从新的视角为股东特质影响公司财务行为提供了一定的证据支持,同时也揭示了名人资本化的经济后果。

The characteristics of shareholders affect the financial behavior of the company.The existing research on the background characteristics of shareholders and corporate finance ignores the“celebrity”of shareholders,that is the special investor group of“celebrity”.Based on China's unique culture and market environment,according to Forbes China celebrity list(2014-2020),we establish the database of celebrity holding companies in the NEEQ through the disclosed annual report data and manual search matching,This paper empirically tests the impact of celebrity Shareholding on corporate financing constraints.We find that celebrity ownership can ease the financing constraints,which is still robust after controlling the endogeneity.At the same time,it is found that reducing the level of information asymmetry is the mechanism of celebrity shareholding to alleviate financing constraints.This paper provides some evidence support for the shareholder characteristics to influence the financial behavior of the company from a new perspective,and also reveals the economic consequences of celebrity capitalization.