暨南学报(哲学社会科学版)

作者：初可佳, 蓝海, 谢观霞

单位：广东金融学院;蓝海,湖南师范大学商学院;谢观霞,广东金融学院。

关键词：社会保障,企业债务风险,机构投资者,投资者偏好,人口老龄化

基金：国家自然科学基金面上项目“粤港澳大湾区社会保障制度衔接机制与协同治理研究”(72173033)。

中国作为人口大国,人口老龄化形式日益严峻,社会保障在应对人口老龄化问题中发挥着关键的作用。近年来,社会保障领域逐渐引起机构投资者的广泛关注。作为企业重要的外部利益相关者,机构投资者的偏好和行为不仅映射了社会发展的趋势,也深刻影响着企业的经营决策与风险管理。本文从投资者偏好的视角出发,探讨了偏好于社会保障的机构投资者的投资行为及其对企业债务风险的影响。基于2004年至2020年中国A股市场上市公司的实证分析,发现具备医疗、养老及其他社会保障偏好的机构投资者持股显著降低了企业债务风险,并且这种影响在民营企业、融资约束较低、女性高管占比高的企业以及高科技行业中更为显著。研究还表明,这种债务风险的抑制作用主要通过完善企业内部控制机制和提升分析师关注度得以实现。本文的发现不仅丰富了机构投资者异质性研究的理论视角,也为优化企业债务管理提供了实践参考。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家自然科学基金面上项目“粤港澳大湾区社会保障制度衔接机制与协同治理研究”(72173033)。"],"article":{"keywordList_cn":["社会保障","企业债务风险","机构投资者","投资者偏好","人口老龄化"],"juan":"46","zhaiyao_cn":"中国作为人口大国,人口老龄化形式日益严峻,社会保障在应对人口老龄化问题中发挥着关键的作用。近年来,社会保障领域逐渐引起机构投资者的广泛关注。作为企业重要的外部利益相关者,机构投资者的偏好和行为不仅映射了社会发展的趋势,也深刻影响着企业的经营决策与风险管理。本文从投资者偏好的视角出发,探讨了偏好于社会保障的机构投资者的投资行为及其对企业债务风险的影响。基于2004年至2020年中国A股市场上市公司的实证分析,发现具备医疗、养老及其他社会保障偏好的机构投资者持股显著降低了企业债务风险,并且这种影响在民营企业、融资约束较低、女性高管占比高的企业以及高科技行业中更为显著。研究还表明,这种债务风险的抑制作用主要通过完善企业内部控制机制和提升分析师关注度得以实现。本文的发现不仅丰富了机构投资者异质性研究的理论视角,也为优化企业债务管理提供了实践参考。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=7110","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=7110","articleType":"","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20240232","qi":"11","id":7110,"nian":2024,"bianHao":"1733127344421-530504797","zuoZheEn_L":"CHU Kejia, LAN Hai, XIE Guanxia","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2024","shouCiFaBuRiQi":"2024-12-02","qiShiYe":"162","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2024/V46/I11","lanMu_cn":"经济·管理","pdfSize":"1495","zuoZhe_CN":"初可佳, 蓝海, 谢观霞","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=7110","title_cn":"社会保障投资者对企业债务风险的影响","doi":"10.11778/j.jnxb.20240232","jieShuYe":"180","keywordList_en":["social security","corporate debt risk","institutional investors","investor preference","population aging"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=7110","zhaiyao_en":"In recent years, with the opening-up of the capital market and the high-quality economic development, China has become a financial power that attracts worldwide attention. The stability of debt risk is the key to maintaining the smooth operation of the capital market. As the main participants in the capital market, the behavior of enterprises and investors is closely monitored by the government and the market. Against the backdrop of social security reform, investors' attention to social security has increased significantly. However, most existing studies explore investor behavior in a broad sense and do not focus on institutional investors who prefer social security.This paper uses the CSMAR database and the DIB database to select listed companies in China's A-share market from 2004 to 2020 as the research object. Using the public data of fund companies holding shares of various listed companies in the A-share market, this paper extracts keywords related to social security from the “investment scope” and “investment objectives” of funds to screen out institutional investors with social security preferences, and calculate their shareholding data in listed companies. The OLS fixed effect model is used to explore the impact of the participation of institutional investors with social security preferences on the debt risk of enterprises. This paper finds that the holdings of institutional investors with a preference for medical care, pensions, and other social security can reduce the debt risk level of enterprises. This finding holds after a series of robustness tests and endogeneity tests, including replacing the dependent variable, changing the measurement of the explanatory variables and lagged variables, replacing the research sample, and using the instrumental variable method. In addition, this paper reveals that the inhibitory effect of social security investors on corporate debt risk is more significant in private enterprises, enterprises with less financing constraints, enterprises with a high proportion of female executives, and high-tech industries. This paper finds that this inhibitory effect is achieved by improving the internal control mechanism of enterprises and increasing the analyst attention through the three-step mediating effect method and the Sobel-Goodman test.This paper expands on previous studies in the following two aspects. First, this paper screens out institutional investors with social security characteristics, thus distinguishing itself from conventional social security funds. 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来源：2024年第11期

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