摘要
同一机构投资者持股同行业多家企业所产生的治理、协同以及合谋效应会对企业财务行为产生重要影响,其中包括企业为了掩盖其盈余操纵或缓解融资压力而频繁发生的财务重述行为。本文利用2007―2019年A股非金融上市公司数据,从财务重述视角研究了机构共同持股对企业行为的影响,发现机构共同持股抑制了企业财务重述行为,并且同时发挥了协同效应和治理效应。协同效应减轻了资本市场业绩预期压力,治理效应缓解了大股东和中小股东之间的代理问题。该抑制效应在国有企业、市场化程度低的公司中更显著。在区分机构投资者类型后,只有长期型和非压力敏感型共同机构投资者对财务重述能产生显著的抑制效应。该抑制效应受焦点企业在机构投资组合中市值以及持股比例权重的影响,在机构共同持股非同行业企业时不显著。
The governance, synergy, and collusion effects of multiple companies in the same industry held by common institutional investors will have an important impact on the financial restatements, which helps companies cover up their earnings manipulation or relieve financing pressure. Therefore, this article uses the data of 2007-2019 A-share non-financial listed companies to study the impact of common institution ownership on financial restatement. The study found that common institution ownership could inhibit corporate financial restatements by exerting synergistic effect and governance effect at the same time. The synergistic effect reduced the expected pressure of the capital market, and the governance effect eased the agency problems between large shareholders and small shareholders. The inhibitory effect is more pronounced in state-owned enterprises and companies with a low degree of marketization. After distinguishing the types of institutional investors, it is found that only long-term and non-stresssensitive common institutional investors have a significant inhibitory effect on financial restatement. Lastly, the inhibitory effect is affected by the weight of the focus enterprise’s value and shareholding ratio in the institutional investment portfolio and is not significant when common institutional investors hold shares of companies in different industries.
作者
杜勇
胡红燕
Du Yong;Hu Hongyan
出处
《证券市场导报》
CSSCI
北大核心
2022年第2期67-79,共13页
Securities Market Herald
基金
国家自然科学基金面上项目“机构共同持股下的实体企业影子银行化同群效应:表征识别、驱动机理与经济后果”(批准号:72072146)
重庆市社会科学规划项目“非金融上市公司金融化的同伴效应研究”(批准号:2018PY61)
重庆市教委人文社会科学研究党的十九届六中全会研究阐释专项项目。
关键词
机构共同持股
治理效应
协同效应
市场预期压力
财务重述
盈余操纵
common institutional ownership
governance effect
collaboration effect
market expectation pressure
financial restatement
earnings manipulation
