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论文编号：	15444
作者编号：	2120233677
上传时间：	2025/6/11 16:50:31
中文题目：	共同机构持股与企业投资效率——基于机构投资者网络的信息效应
英文题目：	Common Institutional Shareholding and Corporate Investment Efficiency: The Information Effect Based on the Network of Institutional Investors
指导老师：	姚颐
中文关键字：	共同机构持股；投资效率；机构投资者网络；网络中心度
英文关键字：	Common institutional shareholding; Investment efficiency; Investor networks; Network centrality
中文摘要：	随着我国资本市场的不断发展，机构投资者凭借其丰富的行业投资经验与掌握的前瞻行业投资信息，逐步成为影响上市公司投资决策的关键角色。伴随其规模的不断壮大，越来越多的机构投资者选择同时持股同一行业内多家上市公司并形成复杂的网络联结关系。而作为网络中的关键信息枢纽，共同机构投资者能够有效促进企业间的信息交流与治理结构优化，进而对企业投资行为产生重要影响。投资活动作为公司资源配置的核心环节，对企业高质量发展具有多重战略意义，企业投资效率的低下往往源于信息不对称与监督机制缺失等，而高效投资能够向资本市场传递积极信号，降低融资成本并拓宽融资渠道，进而帮助企业实现产业升级与经济结构转型，形成促进投资优化的良性循环。因此，探究共同机构持股能否有效提升企业投资效率以及其背后的作用机制是必要的。 本文以2013-2023年沪深A股非金融类上市公司为研究样本，从共同机构投资者及其形成的网络联结关系入手，基于委托代理理论、信息不对称理论与社会网络理论，实证研究了共同机构持股对企业投资效率的影响与作用路径。最终通过内生性检验与稳健性检验等进一步加强了研究结论的稳健性与普适性。 研究发现：共同机构持股通过协同治理效应显著提升了企业的投资效率，而处于共同机构投资者网络中心位置的共同机构投资者，能够凭借其更强的信息优势与资源整合能力，显著的提升企业投资效率。内生性检验与稳健性分析进一步验证了结论的可靠性。本文为机构投资者参与公司治理发挥积极作用提供了经验证据，拓展了共同机构持股网络的经济后果研究。基于上述研究结论，本文分别针对不同层面给出相应的政策建议：监管部门应引导共同机构投资者发挥协同治理优势，企业自身应重视共同机构持股网络联结关系的价值，机构投资者需强化自身专业化能力以优化资源配置，共同推动资本市场的高质量、可持续性发展。
英文摘要：	With the continuous development of China's capital market, institutional investors have gradually become a key role in influencing the investment decisions of listed companies by virtue of their rich industry investment experience and forward-looking industry investment information. With the continuous growth of its scale, more and more institutional investors choose to hold shares in multiple listed companies in the same industry at the same time and form complex network connections. As a key information hub in the network, mutual institutional investors can effectively promote information exchange and governance structure optimization among enterprises, which in turn has an important impact on corporate investment behavior. As the core link of the company's resource allocation, investment activities have multiple strategic significance for the high-quality development of enterprises, and the low investment efficiency of enterprises often stems from information asymmetry and lack of supervision mechanism, while efficient investment can send positive signals to the capital market, reduce financing costs and broaden financing channels, thereby helping enterprises to achieve industrial upgrading and economic structure transformation, and forming a virtuous circle to promote investment optimization. Therefore, it is necessary to explore whether mutual institutional shareholding can effectively improve the investment efficiency of enterprises and the mechanism behind it. Based on the principal-agent theory, information asymmetry theory and social network theory, this paper empirically studies the impact and path of mutual institutional shareholding on corporate investment efficiency from 2013 to 2023, starting from mutual institutional investors and their network connection relationships. Finally, the robustness and universality of the research conclusions are further strengthened by the endogeneity test and the robustness test. The results show that the shareholding of common institutions significantly improves the investment efficiency of enterprises through the synergistic governance effect, and the joint institutional investors in the center of the common institutional investor network can significantly improve the investment efficiency of enterprises by virtue of their stronger information advantages and resource integration capabilities. The endogeneity test and robustness analysis further verify the reliability of the conclusions. This paper provides empirical evidence for the active role of institutional investors in corporate governance, and expands the research on the economic consequences of common institutional shareholding networks. Based on the above conclusions, this paper gives corresponding policy suggestions for different levels: the regulatory authorities should guide the common institutional investors to give full play to the advantages of collaborative governance, the enterprises themselves should pay attention to the value of the joint institutional shareholding network linkage, and the institutional investors should strengthen their professional capabilities to optimize the allocation of resources and jointly promote the high-quality and sustainable development of the capital market.
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