基金抱团对我国上市公司投资效率的影响

基于委托代理理论，运用社会网络分析方法，依据2007-2018年我国A股上市公司数据和公募基金数据，探究公募基金抱团行为对我国上市公司投资效率的影响。结果表明：基金抱团行为对上市公司投资效率产生了消极影响，盈余管理具有中介作用；与国有企业相比较，基金抱团对非国有企业投资效率的影响力更大。鉴于此，应强化对基金团体交互行为的识别和监管，从而发挥基金团体的外部治理作用，促进企业投资效率的提高。

Research on the Influence of Fund Clique on the Investment Efficiency of Companies

Based on the principal-agent theory, using the social network analysis method, according to the data of the China''s A-share listed companies and public funds from 2007 to 2018, this paper explores the impact of public fund grouping behavior on the investment efficiency of listed companies. The results show that the grouping behavior of the fund has a negative impact on the investment efficiency of the listed companies, and earnings management plays an intermediary role; compared with state-owned enterprises, fund''s grouping behavior has greater impact on the investment efficiency of non-state-owned enterprises. In view of this, the identification and supervision of the grouping behavior of the public fund should be strengthened, so as to exert the external governance role of fund groups and promote the improvement of enterprise investment efficiency.