金融机构公司治理影响实体企业公司治理吗——基于基金与上市公司的视角

机构投资者的公司治理效应备受学术界关注,但也一直争议不断.本文基于"治理中的治理"这一视角,以证券投资基金为例,研究机构投资者本身的治理对公司治理的影响.研究结果表明:首先,基金治理在一定程度上影响了公司治理效率,但也存在"关注偏好",即基金在参与公司治理时更多关注治理的综合效应——公司价值的提升,而对两类委托代理问题则缺乏关注.其次,随着基金本身治理效率高低的变化,其在上市公司中扮演的角色也会有所不同:基金治理效率越低,就越表现为"价值发现者";而随着基金治理效率的升高,其越趋向于"价值创造者",即积极参与上市公司的治理并提升上市公司价值.最后,虽然基金等机构投资者会对上市公司治理产生影响,甚至成为"价值创造者",但这一影响的大小又取决于上市公司价值的高低:基金治理效率对低价值公司的治理影响较小,而对高价值公司的治理影响较大.换言之,上市公司价值是市场永恒的焦点,而基金等机构投资者对公司治理的影响则更像是一位"锦上添花"者,而非"雪中送炭"者.

Does the Corporate Governance of Financial Institutions Affect the Corporate Governance of Entity Enterprises:From the Perspective of Funds and Listed Companies

The effect of corporate governance of institutional investors has attracted much attention in the academic community, but it has been constantly disputed. Based on the perspective of "governance on governance", this paper takes securities investment fund as an example to study the influences of institutional investors’ governance on corporate governance. The results show that: firstly, fund governance influences the efficiency of corporate governance to some extent, but there is also an "attention preference", that is, when funds participate in corporate governance, they pay more attention to the comprehensive effect of governance--the elevation of firms’ value, meanwhile pay less attention to two types of principal-agent problems. Secondly, with the changes in the efficiency of fund governance, the role it plays in corporates is different: the lower the governance efficiency of the fund, the more the performance of the "value finder";With the increase of fund governance efficiency, it tends to be more "value creator", that is, it will actively participate in the governance of listed companies and enhance the value of listed companies. Finally, although institutional investors such as funds have an impact on the governance of listed companies and even become "value creators", the size of this impact depends on the value of corporates: the efficiency of fund governance has a small impact on low-value corporates, while it has a greater impact on the governance of high-value corporates. In other words, the value of corporates is the eternal focus of the market, and the influence of institutional investors such as funds on corporate governance is more like the "icing on the cake" than the "charcoal in the snow".