【作者】 刘雨；

【导师】 张伟华；

【作者基本信息】 北京工商大学 ， 会计学， 2023， 硕士

【摘要】 近年来,随着我国资本市场的逐渐完善,机构投资者在改善公司经营管理、促进信息分享、稳定证券市场中发挥着日趋重要的作用,并逐渐建立起既能增强自身实力,又能推动资本市场信息分享的关系网络,即机构投资者网络。机构投资者抱团不仅促进了网络团体内成员的信息分享与合作,私有信息流动,还为降低资本市场中的信息不对称提供了契机。权益资本成本是衡量公司投融资决策的重要标准,也对资本市场的资金流向和资源配置起着重要作用。研究表明机构投资者之间的沟通交流对于其投资决策至关重要,然而,目前我国学者的研究大多将机构投资者视为独立的个体,忽略了他们之间的相互影响。本文基于信息不对称理论、委托代理理论、社会网络理论与信号传递理论,研究机构投资者之间的交互关系对公司权益资本成本的影响,运用社会网络算法识别机构投资者网络团体,探讨机构投资者抱团持股的行为对权益资本成本发挥的作用。本文选用2016-2020年中国上市公司A股机构投资者持股数据构建的机构投资者抱团为研究样本,发现机构投资者抱团有助于降低权益资本成本,并通过进一步分析发现机构投资者抱团是通过提高信息透明度来降低权益资本成本的内在机制。机构投资者抱团通过吸引分析师与投资者的关注来提升上市公司信息透明度。本文在替换机构投资者抱团指标和权益资本成本衡量方式后的基准回归结果依然显著。通过对实证结果分析可知,机构投资者抱团行为能够发挥其信息解读、分享传递等的优势,在公司治理中起到积极作用。政府机构和企业应科学看待机构投资者抱团现象,引导其在资本市场发展与公司治理中发挥正向效应。更多还原

【Abstract】 With the development of China’s capital market in recent years,institutional investors have played an increasingly important role in improving corporate management,promoting information sharing,and stabilizing the securities market.The institutional investors’ clique not only promotes private information sharing and cooperation among network members,but also provides an opportunity to reduce information asymmetries in capital markets.The cost of equity capital is an significant criterion for evaluating company investment and financing decisions,as well as for capital flow and resource allocation in the capital market.According to research,communication between institutional investors is critical to their investment decisions.However,the majority of current Chinese literatures regard institutional investors as autonomous individuals and ignore their impact.The Louvain Algorithm is used in this study to extract the institutional investors’ clique measure from the network of institutional investors and examine the impact of the clique’s holding on the cost of equity capital.This study is based on the theory of information asymmetry,social network theory,and other theories.This thesis took A-shares main-board listed companies in China from 2016 to 2020 as the sample,and came to the conclusion that institutional investor cliques lower the cost of equity capital.In this thesis,the OLS regression results are remain statistically significant after replacing the index of institutional investors clique and the cost of equity capital measurement.Institutional investors can actively participate in corporate governance by taking use of the benefits of information interpretation,sharing,and transmission,according to the analysis of empirical outcomes.Therefore,governmental organizations and enterprises should conduct a scientific analysis of the institutional investor’s clique phenomena and provide them with guidance on how to contribute favorably to the growth of the capital market and corporate governance.更多还原