Common Institutional Investor Ownership and the Supply of Business Credit to Firms
Based on the synergistic governance effect and information barrier effect of common institutional inves-tor shareholding,this paper focuses on analyzing the impact of common institutional investor shareholding on the sup-ply of commercial credit as well as the mechanism of its action.Using data from China's A-share non-financial listed companies from 2007 to 2022,the study finds that co-institutional investor ownership significantly reduces the level of business credit supply by enhancing the market performance of firms'products and improving information transparency,confirming the synergistic governance effect of co-institutional investor ownership.Further analysis reveals that the role of common institutional investor ownership in reducing firms'commercial credit supply is more prominent among firms with higher industry competition and weaker financing ability,and common institutional investor ownership signifi-cantly reduces firms'liquidity risk while reducing their commercial credit supply.The above findings not only enrich the research on the factors influencing the supply of corporate commercial credit,but also provide theoretical and practical basis for guiding the participation of common institutional investors in corporate governance.
common institutional investorscommercial credit supplyproduct market performanceinforma-tion transparency
万方数据
维普
