境外机构投资者能促进企业投资效率提升吗?

被引：24

作者：

庄明明 ^{[1
]}

梁权熙 ^{[2
]}

机构：

[1] 广东外语外贸大学会计学院

[2] 广西大学商学院

来源：

世界经济研究 | 2021年 / 02期

关键词：

资本市场开放; 境外机构投资者; 投资效率; 公司治理;

D O I：

10.13516/j.cnki.wes.2021.02.008

中图分类号：

F832.51 []; F125 [对外经济关系]; F275 [企业财务管理]; F279.1 [世界];

学科分类号：

1201 ; 020204 ; 0201 ; 020105 ; 1202 ; 120202 ;

摘要：

文章以2003～2019年沪深两市A股上市公司为样本,基于手工收集的可细分到来源国的境外股东独特数据,考察了境外机构投资者对公司投资效率的影响。研究发现,境外机构投资者持股能够显著促进企业投资效率提升,而境外个人投资者持股的作用不显著。进一步研究发现,境外机构投资者对公司投资效率的影响主要是由大额持股的机构投资者和来自"海洋"法系或公司治理水平较高的国家(地区)的机构投资者驱动的。对作用机制的分析发现,境外机构投资者主要通过信息渠道和公司治理渠道影响企业投资效率。当公司较少分析师跟踪、新闻媒体关注度低、聘用非"十大"审计师、具有较高盈余管理和产品市场竞争较弱时,境外机构投资者对企业投资效率的促进作用更强。文章为理解金融全球化和自由化如何影响新兴市场国家的实际经济活动提供了新的视角,也为理解和评估中国近年来实施的一系列资本市场开放政策提供了新的参考和经验证据。

引用

页码：102 / 117+136 +136

页数：17

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