机构交叉持股对企业价值的影响

基于2007-2018年中国A股上市公司数据,本文考察了机构交叉持股对企业价值的影响及其作用机制。研究发现,机构交叉持股显著提高了企业价值,在考虑内生性问题和替换主要变量后结论依然较为稳健。交叉持股机构投资者能够成为更加积极的监督者,主动参与公司治理,缓解代理问题,同时促进同行业企业间产品市场协作,改善企业的产品市场表现,进而提升企业价值。此外,相比其他类型的投资者,长期、独立以及稳定型的交叉持股机构投资者对企业价值的促进作用更显著,进一步印证了监督治理渠道的作用。机构交叉持股推动产品市场协作,主要是通过提高企业创新能力和营业利润率。本文结论证实了机构交叉持股的正向协同效应,对完善中国资本市场制度体系和促进企业可持续发展具有重要意义。

The Influence of Institutional Cross-Ownership on the Value of the Enterprise

Based on the data of China’s A-share listed companies from 2007 to 2018,this paper examines the impact of institutional cross-ownership on corporate value.The positive impact holds robust after mitigating this possible endogeneity problem and conducting a series of other robustness checks.Further research shows that cross-ownership investors will become more active supervisors,actively participating in corporate governance,reducing agency problem,promoting product market coordination,and improving product market performance,thereby enhancing firm value.Moreover,compared with other types of investors,longterm,independent and stable cross-ownership investors have a more significant role in promoting value,which further confirms the monitoring channel.Product market coordination activities are enhanced through the improvement on innovation productivity and operating profit margins.The result confirms the positive effects of institutional cross-ownership,which has practical significance for improving the institutional system of China’s capital market and promoting the sustainable development.