治理效应下金融机构持股对企业绩效的影响
Study on the Influence of Financial Institution Shareholding on the Enterprise Performance under the Governance Effect
何铠言 1柳志1
作者信息
- 1. 湖南商务职业技术学院会计学院,湖南长沙 410205
- 折叠
摘要
取样2012-2021年A股上市公司年度数据,利用固定效应模型对金融机构持股公司发展异质性作用和治理绩效影响进行实证,结果显示:压力抵抗型金融机构通常因与被持股公司之间关系更单纯而对公司发展绩效正向影响更为显著,能够更加积极地帮助企业提升绩效的治理效果.压力敏感型机构抵御风险能力较弱,无法对被持股公司业绩产生显著的正向干预,因而难以起到有效的治理作用.同时,金融机构持股量越大,对企业绩效影响也越显著.因此,要持续提高金融机构持股对企业高绩效治理效应的影响,还需要完善相关管理机制和体系.
Abstract
Based on the annual data of A-share listed companies from 2012 to 2021 in China,utilizing the fixed effect model to have an empirical study on the influence of heterogeneity and the relationship between financial institution shareholding and enterprise performance,result shows that,compared to the pressure-sensitive institutional investors,the pressure-resistant institutional investors have a stronger positive effect in improving enterprise performance as they are normally operated less dependent of their holding companies and can more actively help companies improve their governance effectiveness.Pressure-sensitive institutions have weak risk resistance capabilities and are unable to significantly positively intervene in the performance of the holding companies,making it difficult to play an effective governance role.Meanwhile,the larger the shareholding of financial institutions,the more significant the impact on corporate performance.Therefore,in order to continuously improve the shareholding of financial institutions for high-performance operation and development of enterprises,it is also necessary to improve relevant management mechanisms and systems.
关键词
金融机构持股/异质性/企业绩效/治理效应/影响Key words
financial institution shareholding/heterogeneity/enterprise performance/governance effect/influence引用本文复制引用
基金项目
湖南省教育厅科研项目(2021)(21C1243)
出版年
2023
NETL
NSTL
万方数据