摘要
持股上市公司是当前城投公司由城市建设投资者转变为城市产业投资者的重要路径。以2008—2023年中国A股上市公司为研究样本,基于资源依赖理论与信号理论,从城投公司持股上市公司角度实证考察了城投公司产业投资转型的溢出效应及作用机理。研究发现,城投公司的持股行为显著降低了被持股对象的股价崩盘风险,其作用机理是提供资源支持和提升合规水平。异质性分析表明,城投公司的行业经验越丰富、资源禀赋越充沛、上市公司的多元化经营程度越高以及外部监督压力越弱时,上述效应越明显。本文有助于更全面地理解城投公司产业投资转型的经济含义,对培育高质量上市公司具有重要的参考价值。
Holding equity in listed companies represents a critical avenue through which urban investment companies are transitioning from roles as urban infrastructure investors to urban industrial investors.Using data from Chinese A-share listed companies from 2008 to 2023,this paper—grounded in resource dependence theory and signaling theory—empirically investigates the spillover effects and underlying mechanisms of the industrial investment transformation of urban investment companies,from the perspective of their equity holdings in listed firms.The findings reveal that urban investment shareholding significantly reduces the stock price crash risk.Mechanism analysis shows that this reduction is primarily driven by improved compliance governance and enhanced resource support.Heterogeneity analysis indicates that the mitigation effect is more pronounced when urban investment companies have richer industry experience and greater resource endowments.Additionally,the effects are stronger in companies with higher diversification and lower external supervision pressure.This paper contributes to a more comprehensive understanding of the economic implications of the industrial investment transformation of urban investment companies and offers valuable insights for fostering high-quality public firms.
作者
张明媚
王百强
牛煜皓
ZHANG Ming-mei;WANG Bai-qiang;NIU Yu-hao
出处
《科学决策》
2025年第8期73-99,共27页
Scientific Decision Making
基金
中央高校基本科研业务费专项基金(2022QD021,2023JJ014)。
关键词
城投持股
股价崩盘风险
高质量发展
urban investment shareholdings
stock price crash risk
high-quality development
作者简介
张明媚(1999-),女,山东聊城人,中央财经大学会计学院博士生,研究方向:公司财务;王百强(1990-),男,北京人,中央财经大学会计学院副教授,研究方向:公司财务;通讯作者:牛煜皓(1995-),男,河南洛阳人,北京外国语大学国际商学院讲师,研究方向:公司财务。
