异质机构投资者与企业商业信用融资

The Influence of Heterogeneous Institutional Investors on Enterprise Commercial Credit

深化供给侧改革对促进供给侧高质量发展具有重要意义。采用2007—2019年A股上市公司为研究对象,探究异质机构投资者对商业信用融资的影响,本文的结果表明:机构投资者持股企业通过提升信息披露质量而提升企业商业信用规模。专注型机构投资者持股对商业信用融资促进作用更显著。使用替换变量、倾向得分匹配法、更换变量衡量方式、滞后一期及工具变量法检验后,结果依然稳健。进一步分析,专注型机构投资者仅对研发强度大的企业商业信用融资的具有促进效用;机构投资者在市场化进程弱、融资约束高的企业发挥更好的治理作用。本文揭示了机构投资者影响企业商业信用融资的黑箱,同时建议资本市场发展持股稳定、持股比例高的专注型机构投资者,提高商业信用融资规模,促进供给侧高质量发展。

Deepening supply‐side reform is of great significance to promoting high‐quality development on the supply side.Taking A‐share listed companies from 2007 to 2019 as the research object,the influence of heterogeneous institutional investors on commercial credit financing was explored.The results show that the scale of commercial credit of enterprises held by institutional investors can be improved by improving the quality of information disclosure.The shareholding of focused institutional investors plays a more significant role in promoting commercial credit financing.The results remained robust after using substitution variables,propensity score matching method,substitution variable measurement method,one‐stage lag and instrumental variable method.Further analysis shows that focused institutional investors can only promote the commercial credit financing of enterprises with strong R&D intensity.Institutional investors play a better governance role in enterprises with weak marketization process and high financing constraints.The black box of institutional investors’influence on corporate commercial credit financing is revealed,and the capital market develop focus institutional investors with stable shareholding and high shareholding ratio,improve the scale of commercial credit financing,and promote high‐quality development of the supply side are suggested.