机构投资者持股会影响上市公司的融资吗

WHETHER INSTITUTIONAL SHAREHOLDING AFFECTS THE FINANCING OF LISTED COMPANIES

胡尧波

11930504

硕士

数学

孙便霞

2021-05-19

2021-06-10

南方科技大学

深圳

随着我国资本市场的不断成熟，积极参与公司治理的机构越来越多，同时机构的资金规模大幅增加，在市场上的话语权不断增强，因而，机构投资者持股是否会影响公司治理水平，进而影响到公司的债务融资成本，成为一个值得研究的问题。信息披露质量是公司治理能力的主要外部体现方式，较高的治理水平意味着较高的信息披露质量。本文运用统计学及计量经济学的方法，以 2015-2019 年间深交所上市公司的 7175 个观测值作为样本，实证检验机构持股、信息披露质量与债务融资成本之间的关系。基于对该研究问题的理论分析，本文建立了包括行业固定效应和时间固定效应的双固定效应面板数据回归模型，并使用逐步回归法对中介效应进行了检验。实证结果表明：（1）机构持股比例正向影响公司信息披露质量；（2）信息披露质量和公司债务融资成本负相关；（3）信息披露质量作为中介变量，在机构持股和债务融资成本之间发挥作用。股权融资在上市公司外部融资方式中占了相当的比重，根据市场择时理论以及现实中的观察，上市公司在股价相对高估的时候更倾向于进行股权融资，而机构持股可能是引发上市公司股票高估的一个重要原因。鉴于此，本文对机构持股、公司股票定价偏误以及公司融资方式选择之间的关系进行了研究。使用分行业相对估值法和回归估值法对定价偏误进行衡量，并类似地采用双固定效应面板数据回归模型和逐步回归法，本文以 2015-2019 年间沪深交易所上市公司的 8820 个观测值作为样本，对机构持股、公司估值水平与融资方式选择之间的关系进行了实证研究。实证结果表明：（1）机构持股比例正向影响公司估值水平；（2）公司估值水平越高，公司越倾向于选择股权融资；（3）公司估值水平作为中介变量，在机构持股和公司融资方式选择之间发挥作用。

With the continuous maturity of China's capital market, more and more institutions actively participate in corporate governance. At the same time, the capital scale of institutions has increased significantly, and their voice in the market has become stronger and stronger. Therefore, whether institutional shareholding will affect corporate governance, and then affect the cost of debt financing, has become a problem worth studying. This paper uses statistical and econometric methods to empirically test the relationship among institutional ownership, information disclosure quality and debt financing cost based on 7175 observations of listed companies in China's Shenzhen Stock Exchange from 2015 to 2019. Based on the theoretical analysis on this research topic, this paper adopts the panel data regression model with two-way fixed effects, including both industry and time fixed effects, and the stepwise regression model is also used to test the mediating effect. The empirical results show that: (1) The proportion of institutional ownership has a positive impact on the quality of corporate information disclosure. (2) The quality of information disclosure is negatively related to the cost of debt financing. (3) Information disclosure quality plays a mediator role between institutional ownership and debt financing cost. Equity financing can account for a considerable proportion in the external financing of listed companies. According to the market timing theory and observations in real life, listed companies tend to carry out equity financing when the stock price is relatively overvalued, and institutional ownership may be an important reason for the overvaluation of listed companies. This paper studies the relationship among institutional ownership, mispricing and financing methods. Using the relative valuation and regression valuation methods to measure the degree of mispricing, and also adopting the panel data model with two-way fixed effects and the stepwise regression model, this paper empirically tests the relationship among institutional ownership, market valuation and financing method. The sample data comes from the 8820 observations of listed companies in Shanghai and Shenzhen stock exchanges from 2015 to 2019. The empirical results show that: (1) institutional ownership ratio has a positive impact on market valuation. (2) The higher the company's market valuation, the more likely the company is to choose equity financing. (3) The market valuation plays a mediator role between institutional ownership and the choice of corporate financing.

机构持股 债务融资成本 融资方式 中介效应

institutional shareholding debt financing cost financing method mediating effect

中文

独立培养

南方科技大学

胡尧波. 机构投资者持股会影响上市公司的融资吗[D]. 深圳. 南方科技大学,2021.