贵州财经大学学报

贵州财经大学学报 ›› 2020 ›› Issue (02): 39-48.

• 工商管理 • 上一篇    下一篇

机构投资者对企业产能过剩的抑制——得力还是得利？

韦琳, 孙青, 徐立文   

  1. 天津财经大学 会计学院, 天津 300222
  • 收稿日期:2019-11-21 出版日期:2020-03-15 发布日期:2020-03-24
  • 作者简介:韦琳(1963-),女,天津人,博士,天津财经大学会计学院教授,研究方向为公司财务与成本管理;孙青(1995-),女,天津人,天津财经大学会计学院硕士研究生,研究方向为成本管理与公司治理;徐立文(1985-),男,天津人,天津财经大学会计学院博士研究生,研究方向为公司治理与公司财务行为。
  • 基金资助:
    天津市教委社会科学重大项目"天津淘汰落后产能和化解过剩产能的问题研究"（2016JWZD19）。

How Do Institutional Ownership Affect Excess Capacity of Enterprises-Reduce or Aggravate?

WEI Lin, SUN Qing, XU Li-wen   

  1. School of Accounting, Tianjin University of Finance and Economics, Tianjin 300222, China
  • Received:2019-11-21 Online:2020-03-15 Published:2020-03-24

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摘要： 为探究机构投资者究竟是抑制企业产能过剩的"得力助手"，还是仅为自身利益而搭便车的"得利者"，以2008~2018年上市A股制造业公司为研究样本，证明了机构投资者持股具有抑制企业产能过剩的作用。从产能过剩的成因入手对其作用机制进行分析，发现这种作用是通过公司治理机制和信息传递机制两个路径实现的，具体表现为：内部和外部治理水平越低，机构投资者持股对企业产能过剩的抑制作用越强；相较于财务型机构投资者，能够为企业提供更多信息的战略型机构投资者对企业产能过剩的抑制作用更为显著。

关键词: 机构投资者, 产能过剩, 产能利用率

Abstract: The role of institutional investors in companies has been controversial for years. Prior research suggests that institutional ownership can either have a positive impact or a negative impact on the company. Based on data from the listed manufacturing A-share companies in China over the period of 2008 and 2018, we examine the impact of institutional ownership on the excess production capacity of enterprises and analyze the mechanism of action. We find that institutional ownership helps promote capacity utilization of the enterprise through two mechanisms:governance mechanism and information mechanism. The results show that:Institutional ownership has a more significant effect on excess capacity in the group with low level of internal and external corporate governance; Strategic institutional investors who can provide more information to companies have more significant inhibitory effect on excess capacity.

Key words: institutional ownership, excess capacity, corporate governance

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