共同机构投资者与企业资源配置效率——优化还是扭曲?

Common Institutional Investors and the Efficiency of Enterprise Resource Allocation:Optimization or Distortion?

企业资源配置优化是实现企业高质量发展的重要抓手。选取2011—2021年沪深A股上市公司数据以及对应的股权结构数据,实证分析共同机构投资者对企业资源配置效率的影响。结果表明:共同机构投资者有助于提升企业资源配置效率,发挥优化效应;作用路径分析显示,共同机构投资者通过改善公司治理、优化投资效率和缓解融资约束路径,进而提升企业资源配置效率;异质性分析表明,共同机构投资者对企业资源配置效率的优化效应在国有企业、低市场化地区和高行业监管环境下更加显著。因此,提出利用共同机构投资者的资源优势和治理优势,推进企业创新资源配置,实现企业间协同联动、高质量发展的建议。

The optimization of enterprise resource allocation is an important starting point to realize the high-quality development of enterprises.Based on the data of A-share listed companies from 2011 to 2021 and the corresponding ownership structure data,this paper empirically analyzes the impact of co-institutional investors on the efficiency of enterprise resource allocation.The results show that joint institutional investors can improve the efficiency of enterprise resource allocation and exert optimization effect.The effect path analysis shows that joint institutional investors can improve the efficiency of enterprise resource allocation by improving corporate governance,optimizing investment efficiency and easing financing constraints.Heterogeneity analysis shows that the optimization effect of co-instituti-onal investors on the efficiency of resource allocation is more significant in state-owned enterprises and low-marketization areas.Therefore,suggestions are put forward to make use of the resource advantages and governance advantages of common institutional investors to promote the allocation of innovative resources for enterprises and achieve synergistic linkage and high-quality development among enterprises.