【作者】 王欣；

【导师】 马晓军；

【作者基本信息】 南开大学 ， 金融学， 2023， 硕士

【副题名】基于我国A股上市公司的实证分析

【摘要】 机构投资者作为我国资本市场的重要参与者,逐渐出现了多元的发展形式,某一机构投资者在同一行业的不同公司同时持有大量股份的现象越来越多,其对上市公司的各个方面产生了巨大影响。其中,企业的融资约束问题是公司金融领域重要的研究方向,机构交叉持股与企业的债务融资成本之间是否存在关系成为本文的研究重点。本文使用2012年到2021年我国A股3105家公司的非平衡面板数据,建立行业-年份双固定效用模型,深入探讨机构交叉持股行为对企业债务融资成本的影响及其作用机制,并且基于不同的产权性质和行业特征开展了异质性分析。研究表明:第一,机构投资者的交叉持股行为减少了企业的债务融资成本,并且持有同一家企业的交叉持股机构数量越多,持股比例越高,则企业的债务融资成本越低,在纠正了选本选择偏误造成的内生性、替换被解释变量和解释变量之后,这一结论依然稳健。第二,机构投资者的交叉持股行为通过代理成本、信息披露和产品市场三条机制来影响企业的债务融资成本,机构交叉持股能够降低企业代理成本,提高企业信息披露质量,增强企业产品市场表现,进而提高债权人信任,降低企业债务融资成本。第三,机构交叉持股降低企业债务融资成本的效用在非国有企业和高度竞争的行业中更加明显。最后本文依据研究结论,从政府、企业和投资者三个方面分别给出相关的建议。更多还原

【Abstract】 As an important participant in China’s capital market,institutional investors have gradually emerged in diverse forms of development.The phenomenon that an institutional investor simultaneously holds a large number of shares in different companies in the same industry is increasing,which has a significant impact on all aspects of listed companies.Among them,corporate financing constraints have long been the focus of attention in corporate finance,and whether there is a relationship between institutional cross shareholding and corporate debt financing costs has become the focus of this study.This article uses unbalanced panel data from 3105 A-share companies in China from 2012 to 2021 to establish an industry-year fixed utility model to deeply explore the impact and mechanism of institutional cross-ownership on corporate debt financing costs,and conducts a heterogeneity analysis based on different property rights and industry characteristics.The research shows that: firstly,institutional cross-ownership reduces the debt financing costs of enterprises,and the more institutions that hold the same enterprise and the higher the shareholding ratio,the lower the debt financing cost of the enterprise.After correcting the endogeneity caused by the selection bias,and replacing the explained variables and explanatory variables,this conclusion remains stable.Secondly,institutional cross-ownership affects the debt financing cost of enterprises through three mechanisms: agency cost,information disclosure,and product market.Institutional cross-ownership can reduce the agency cost of enterprises,improve the quality of enterprise information disclosure,and enhance the product market performance of enterprises,thereby improving the trust of creditors and reducing the debt financing cost of enterprises.Thirdly,the effectiveness of institutional cross shareholding in reducing corporate debt financing costs is more evident in non-state owned enterprises and highly competitive industries.Finally,based on the research conclusions,this article gives relevant suggestions from three aspects:government,enterprises,and investors.更多还原