暨南学报(哲学社会科学版)

作者：范海峰

单位：管理学博士,华南农业大学经济管理学院副教授。

关键词：异质机构投资者,外部融资约束,研发投资

基金：广东省社会科学基金项目“异质机构投资者与公司创新绩效” (批准号: GD17CGL15);国家自然科学基金项目“基于高管激励视角的反收购条款采用与技术创新研究”(批准号:71502068)。

以我国上市公司2012—2015年机构投资者持股和研发投资数据为样本,以Altman提出的<i>Z</i>值模型为融资约束的替代变量,实证研究了独立和灰色机构投资者对公司融资约束的影响,以及融资约束在两种不同机构投资者对研发投资影响中发挥的作用。结果显示,独立机构投资者能够缓解公司代理问题,降低公司外部融资约束,并促进公司研发投资,外部融资约束在独立机构投资者对公司研发投资的影响中显著地发挥了部分中介作用。与公司存在可能业务联系的灰色机构投资者则无法发挥类似作用,灰色机构投资者甚至还降低了公司研发投资。研究结果还表明,<i>Z</i>值与股权融资成本高度显著负相关,这说明了<i>Z</i>值作为外部融资约束替代变量的合理性。研究结论为机构投资者对公司研发投资的影响路径提供了新的证据,也为促进我国资本市场的健康发展提供了政策依据。"/>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":["广东省社会科学基金项目“异质机构投资者与公司创新绩效” (批准号: GD17CGL15);国家自然科学基金项目“基于高管激励视角的反收购条款采用与技术创新研究”(批准号:71502068)。"],"article":{"keywordList_cn":["外部融资约束","研发投资","异质机构投资者"],"juan":"40","zhaiyao_cn":"以我国上市公司2012—2015年机构投资者持股和研发投资数据为样本,以Altman提出的Z值模型为融资约束的替代变量,实证研究了独立和灰色机构投资者对公司融资约束的影响,以及融资约束在两种不同机构投资者对研发投资影响中发挥的作用。结果显示,独立机构投资者能够缓解公司代理问题,降低公司外部融资约束,并促进公司研发投资,外部融资约束在独立机构投资者对公司研发投资的影响中显著地发挥了部分中介作用。与公司存在可能业务联系的灰色机构投资者则无法发挥类似作用,灰色机构投资者甚至还降低了公司研发投资。研究结果还表明,Z值与股权融资成本高度显著负相关,这说明了Z值作为外部融资约束替代变量的合理性。研究结论为机构投资者对公司研发投资的影响路径提供了新的证据,也为促进我国资本市场的健康发展提供了政策依据。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=6179","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=6179","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2018/V40/I11/91","qi":"11","id":6179,"nian":2018,"bianHao":"2018-11-91","zuoZheEn_L":"FAN Haifeng","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2018","shouCiFaBuRiQi":"2018-11-08","qiShiYe":"91","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2018/V40/I11","lanMu_cn":"经济·管理","pdfSize":"658","zuoZhe_CN":"范海峰","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=6179","title_cn":"异质机构投资者、外部融资约束与研发投资","jieShuYe":"102","keywordList_en":["external financing constraints","heterogeneous institutional investors","R&D investment"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=6179","zhaiyao_en":"Based on the data of institutional investors' shareholding and R&D investment in China's listed companies from 2012 to 2015, this paper, with the Z-value model proposed by Altman as an alternative variable of financing constraints, empirically studies the impact of independent and grey institutional investors on corporate financing constraints, and the impact of financing constraints on R&D investment by two different institutional investors. Empirical studies show that independent institutional investors can alleviate agency problems, reduce corporate financing constraints, and promote corporate R&D investment. Financing constraints play a significant role in the impact of independent institutional investors on corporate R&D investment. Grey institutional investors with possible business links cannot play a similar role, and grey institutional investors have even reduced the company's R&D investment. The study also shows that the Z-value is highly negatively correlated with the cost of equity financing, indicating the rationality of Z-value as a substitute variable for external financing constraints. 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来源：2018年第11期

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