首页|共同机构投资者改善了投融资期限错配吗?——基于供应链关系治理机制

共同机构投资者改善了投融资期限错配吗?——基于供应链关系治理机制

Do Common Institutional Investors Improve Investment-Financing Maturity Mismatch?Based on Supply-chain Relationship Governance Mechanism

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共同机构投资者同时关联行业内多家上市公司,集成强大的信息资源网络,影响企业投融资结构安排.文章以2007-2022年A股上市公司为研究样本,探讨共同机构投资者与投融资期限错配之间的作用关系.研究发现,共同机构投资者的存在、持股比例、横向联结均有助于改善投融资期限错配.机制检验发现,共同机构投资者能够通过增强供应链上话语权、提高商业信用水平以及降低交易成本等,在公司生产经营过程中产生"开源节流"效应,进而减少投融资期限错配.拓展分析表明,共同机构投资者能够与内外部公司治理机制协同作用,对内部控制有效和媒体关注较高的企业作用更为明显;共同机构投资者还能弥补不完全契约和正式制度的缺陷,尤其是对契约环境较差、行业竞争度较低的弱势群体起到了替代性治理作用.经济后果检验发现,共同机构投资者还能进一步强化供应链系统稳定和推动可持续发展,这对助力我国实体经济高质量发展和畅通国内经济循环具有一定的启示作用.
Common institutional investors integrate a powerful information resource network by simultaneously linking multiple listed companies in the industry,affecting the investment structure and debt maturity arrangement of enterprises.This paper takes China's A-share listed companies from 2007 to 2022 as the research sample,mainly exploring the relationship between common institutional investors and investment-financing maturity mismatch.The study finds that common institutional investors can help to improve investment-financing maturity mismatch.That is,the presence of common institutional investors,their shareholding ratio,and horizontal linkage all contribute to reducing the degree of investment-financing maturity mismatch.Mechanism testing shows that common institutional investors can effectively alleviate investment-financing maturity mismatch by driving enterprises to actively carry out high-quality supply-chain relationship governance,which includes enhancing the discourse power in the supply chain,improving the level of business credit,and reducing transaction costs in the supply chain.This creates more economic capacity in the production and operation process,and thus plays a positive role in actively improving investment-financing maturity mismatch.Expansion analysis shows that common institutional investors can collaborate with internal and external corporate governance mechanisms,with a more significant impact on enterprises with effective internal controls and higher media attention;common institutional investors can also compensate for the shortcomings of incomplete contracts and formal systems,and play a substitute governance role especially for vulnerable groups with poorer contract environments and weaker market competition.Economic effect testing finds that common institutional investors can further strengthen the stability of the supply chain system and promote sustainable development.From the perspective of supply-chain relationship governance,this paper provides certain insights to guide and support diversified shareholding by common institutional investors,optimize micro-enterprise resource allocation,prevent and resolve liquidity risks,and assist in the high-quality development of China's real economy.

common institutional investorsinvestment-financing maturity mismatchsupply-chain relationship governanceincrease revenue and reduce expenditure

邹颖、祁亚、石福安

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首都经济贸易大学 会计学院, 北京 100070

共同机构投资者 投融资期限错配 供应链关系治理 开源节流

国家社会科学基金首都经济贸易大学科研创新项目首都经济贸易大学研究生学术新人计划

20BGL0722024KJCX0442024XSXR09

2024

10.16538/j.cnki.jsufe.2024.02.002

上海财经大学学报(哲学社会科学版)
上海财经大学

上海财经大学学报(哲学社会科学版)

CSTPCDCSSCICHSSCD北大核心
影响因子：1.126
ISSN：1009-0150
年,卷(期)：2024.26(2)
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