企业全要素生产率既是衡量微观企业绩效的核心指标,也是衡量经济高质量发展的关键指标之一。文章以2007-2019年A股上市公司为研究对象,从是否存在机构共同持股、同行业联结程度和机构共同持股比例三个维度,探索机构共同持股对企业全要素生产率的影响。研究发现,机构共同持股能够提高企业全要素生产率;其联结程度和持股比例越高,越有利于提高企业全要素生产率。机构共同持股能够促进企业研发投入,降低代理成本,在资本市场中扮演治理角色;在国有企业、内部治理水平较高的企业中,机构共同持股更能提升企业全要素生产率,该结论在工具变量、安慰剂检验等稳健性检验后依然成立。文章从机构共同持股角度出发,探讨这一新兴所有权模式对公司治理及企业全要素生产率的影响,对促进资本市场健康发展和经济高质量发展具有重要意义。
机构共同持股与企业全要素生产率
摘要
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引用本文
杜勇, 马文龙. 机构共同持股与企业全要素生产率[J]. 上海财经大学学报, 2021, 23(5): 81-95.
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