摘要
本文基于2007~2018年沪深A股上市公司样本,利用手工收集的投资者与上市公司之间的地理距离数据,并实证检验了机构投资者空间离散度对上市公司现金持有水平的影响。研究发现,机构投资者空间离散度越大,公司现金持有水平越高,且这种影响存在显著的异质性特征。进一步的机制分析发现,机构投资者空间离散度能够通过企业战略和权力结构性特征对现金持有形成显著的中介因子效应。总体而言,本文结论认为,机构投资者彼此之间的空间关系能够对上市公司的现金持有进行很好的解释,这为资本市场发展机构投资者,释放其监督作用提供了政策制定的经验证据。
Based on the microdata of A-share listed companies from 2007 to 2018,this paper used the manually collected geographic distance data between investors and listed companies,and empirically tested the impact of spatial dispersion of institutional investors on the cash holding.The results found that the greater the spatial dispersion of institutional investors resulted in the higher the level of corporate cash holdings,while these effects showed significant heterogeneity.Furthermore,the mechanism analysis showed that the spatial dispersion of institutional investors could form a significant intermediary factor effect on cash holdings through corporate strategy and power structural characteristics.In conclusion,the above results indicated that the spatial relationship between institutional investors could explain the cash holding of listed companies well,which as well provided empirical evidence for the development of institutional investors in the capital market and the enhance-path of their supervisory role.
作者
王自力
周霞
徐铭远
郝韵橙
肖忠意
Wang Zili;Zhou Xia;Xu Mingyuan;Hao Yuncheng;Xiao Zhongyi(School of Economics and Business Administration,Chongqing University,Chongqing University,400030;School of Economics,Southwest University of Political Science and Law,401120;Faculty of Business and Economics School,The University of Hong Kong,999077)
出处
《制度经济学研究》
2020年第4期-,共24页
Research on Institutional Economics
基金
重庆市教委科学技术研究项目(KJQN201800309)资助
关键词
机构投资者空间离散度
现金持有
企业战略
结构性权力
Institutional Investors’Spatial Dispersion
Cash Holding
Corporate Strategy
Power Structural Characteristics
作者简介
王自力,重庆大学经济与工商管理学院,Email:zlcq666@126.com;周霞,西南政法大学经济学院,Email:zhou_xia0@163.com;徐铭远,香港大学经济及工商管理学院,Email:xmy99512@connect.hku.hk;郝韵橙,西南政法大学经济学院,Email:hao_yuncheng@126.com;通信作者:肖忠意,西南政法大学经济学院教授,民营经济研究中心主任,地址:重庆市渝北区宝圣大道301号,Email:xiaozhongyi@swupl.edu.cn。
