文献类型：期刊文献

中文题名：机构投资者持股情景、自由现金与投资效率

英文题名：Institutional Ownership,Free Cash and Investment Efficiency

作者：唐松莲[1];林圣越[1];高亮亮[1]

机构：[1]华东理工大学商学院,上海200237

年份：2015

卷号：27

期号：1

起止页码：24

中文期刊名：管理评论

外文期刊名：Management Review

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2014】；CSSCI:【CSSCI2014_2016】；

基金：国家自然科学基金项目(71002052;71262025);中央高校基本科研业务费专项资金资助

语种：中文

中文关键词：机构投资者;自由现金;现金短缺;过度投资;投资不足

外文关键词：institutional investors,free cash flow,cash shortage,over-investment,under-investment

摘要：本文在分析机构投资者持股情景对投资效率影响机理的基础上,实证检验机构投资者持股情景(机构投资者持股结构、基金持股期限和公司中机构投资者持股比例)对现金富余公司过度投资和现金短缺公司投资不足的作用。结果发现:相比于非基金,基金持股可缓解现金短缺公司的投资不足;相比于短线型基金,长线型基金既可抑制现金富余公司的过度投资,又可减缓现金不足公司的投资不足;进一步研究发现,在机构投资者持股比例高的公司,长线型基金可抑制现金富余公司的过度投资,非基金、基金(包括长线型基金和短线型基金)都可减缓现金短缺公司的投资不足。研究结论为监管层引导机构持股结构优化、机构持股长期化和公司持股机构化提供了新的思路和证据,同时也深化了对公司投资决策的理解。
By analyzing the way that institutional ownership affects investment efficiency,this paper makes an empirical research into the impact of institutional ownership on over-investment in cash- surplus companies and under-investment in cash-strapped companies. The results show that: compared to non mutual fund,the mutual fund's holdings may alleviate under-investment in cash shortage company;compared to short-term mutual funds,long-term mutual fund can inhibit over-investment in cash-surplus companies and alleviate underinvestment in cash-strapped companies; furthermore,in a company with high proportion of institutional investors,long-term mutual fund can inhibit over-investment in cash-surplus companies,non-mutual fund,long-term mutual funds and short-term mutual fund all may alleviate under-investment in cash-strapped company. Finally we conclude that it is meaningful for the regulators to optimize the shareholding structure,encourage institutional investors to have a long-term ownership and high institutional ownership in the company,and this also helps deepen the understanding of a company's investment behavior.