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以2004～2006年度我国沪深证券市场A股上市公司为对象,研究了中国上市公司机构投资者股东积极治理机制是否会对其股权融资成本产生影响。结果发现,机构投资者股东积极治理机制对股权融资成本产生了高度显著的负向影响。此外,进一步从股权融资成本视角考察控股股东性质、治理环境对机构股东积极治理效应的影响发现:国有控股抑制了机构投资者作用的发挥;相对于中央控股公司,地方控股公司进一步降低了机构投资者的积极作用;市场化程度、法治水平对机构投资者的公司治理效应能够产生重要影响。
This paper studies the A-share listed companies in China’s Shanghai and Shenzhen Stock Exchanges from 2004 to 2006, and studies whether the active governance mechanism of institutional investors in Chinese listed companies will affect their equity financing costs. The results show that the positive governance mechanism of institutional investors shareholders has a highly significant negative impact on equity financing costs. In addition, from the perspective of equity financing cost, the author investigates the influence of controlling shareholders and the governance environment on the positive governance effect of institutional shareholders. From the perspective of equity financing cost, we find that the state-owned holding restrains the institutional investor from playing its role. Compared with the central holding company, the local holding company further reduces the institutional investment The positive effect of market-oriented and law-based level on corporate governance of institutional investors can have a significant impact.