共同机构所有权与企业新质生产力

Common Institutional Ownership and the New Quality Productive Forces of Enterprises

本文以2011—2022年中国A股上市公司为样本,实证检验了共同机构所有权对企业新质生产力的影响及作用机制。研究发现,共同机构所有权对企业新质生产力具有促进作用,且联结程度与持股比例越高,促进作用越明显。共同机构所有权通过协同治理效应以及信息共享效应形成行业势力,增强高管创新意识,提高企业信息透明度,降低债务融资成本,从而对新质生产力产生促进作用。在非国有企业以及管理层持股较高、行业竞争度较低、媒体关注度较高的企业中,该促进作用更为明显。本文为在经济新常态下充分发挥共同机构所有权优势、提高专业化投资能力以及通过优化市场环境促进企业新质生产力发展提供了启示。

Taking China’s A-share listed companies from 2011 to 2022 as a sample,this paper empirically examines the impact of common institutional ownership on the new quality productive forces of enterprises and its mechanism.The results show that common institutional ownership promotes the new quality productive forces of enterprises,and the higher the degree of connection and ownership proportion,the more pronounced the promotion effect.Common institutional ownership forms industry momentum through the synergistic governance effect and information sharing effect,enhancing the innovation awareness of executives,improving corporate information transparency,and reducing debt financing costs,thereby promoting the new quality productive forces.The promotion effect is more significant for non-state-owned enterprises and enterprises with higher management ownership,lower industry competition,and higher media attention.The paper provides insights into how to fully leverage the advantages of common institutional ownership,improve professional investment capabilities,and promote the development of new quality productive forces of enterprises by optimizing the market environment under the new normal of the economy.