机构投资者抱团的生产率效应——基于利益趋同假说的视角

Productivity Effect of Institutional Investors’Huddling Together:From the Perspective of Interest Convergence Hypothesis

机构投资者抱团是近年来资本市场的现象之一。整理沪深A股上市公司的机构投资者持股数据,运用Louvain算法识别机构投资者抱团行为,分析机构投资者抱团行为对上市企业全要素生产率的影响。研究发现:机构投资者抱团行为具有生产率效应,机制分析表明机构投资者抱团行为通过固定资产投资和创新投资两种渠道提高企业全要素生产率。异质性分析表明,机构投资者抱团对信息透明度低的企业、非国有企业全要素生产率的影响更强烈。

The huddling together of institutional investors is one of the phenomena in the capital market in recent years.This paper sorts out the shareholding data of institutional investors of A-share listed companies in Shanghai and Shenzhen,uses the Louvain algorithm to identify the group behavior of institutional investors,and investigates the impact of group behavior of institutional investors on the total factor productivity of listed enterprises.It is found that institutional investors’agglomeration behavior has productivity effect.Mechanism analysis shows that institutional investors’agglomeration behavior improves enterprise total factor productivity through fixed asset investment and innovation investment.Heterogeneity analysis shows that institutional investors have a stronger impact on the total factor productivity of enterprises with low information transparency and non-state-owned enterprises.