摘要
机构投资者是资本市场发挥作用的重要支撑。以2011―2020年A股制造业上市公司为样本,运用固定效应模型和中介效应模型实证检验了机构投资者持股比例对企业价值的影响,以及企业金融化、融资约束和创新投入的中介作用。结果表明:机构投资者持股对企业价值具有促进作用,且这种促进作用在市场化程度高的地区更加显著。进一步的机制性研究表明,机构投资者会通过缓解企业的融资约束程度和提高创新投入促进企业价值,但企业金融化表现为遮掩效应。
Institutional investors are an important support for the functioning of the capital market.Based on the A-share listed manufacturing companies from 2011 to 2020 as the sample object,this paper empirically tests the impact of institutional investors'shareholding ratio on enterprise value,as well as the relationship between corporate financialization,financing constraints and innovation investment by using fixed effect model and mediation effect model.The results show that institutional investors'shareholding has a promoting effect on enterprise value,and this promoting effect is more significant in regions with a high degree of marketization.Further institutional research shows that institutional investors will promote corporate value by easing corporate financing constraints and increasing innovation input,but corporate financialization manifests as a masking effect.
作者
谢婷婷
刘珈琳
XIE Tingting;LIU Jialin(School of Finance,Xinjiang University of Finance and Economics,Urumqi 830012,China)
出处
《河南科技学院学报（社会科学版）》
2022年第7期37-44,共8页
Journal of Henan Institute of Science and Technology
基金
国家社会科学基金项目“新疆民族地区财政与金融协同促进稳定脱贫的困境及优化路径研究”(20BMZ150),主持人:谢婷婷。
关键词
机构投资者
企业价值
企业金融化
融资约束
创新投入
institutional investors
corporate value
Financialization of enterprises
financing constraints
innovation investment
