Institutional ownership and cost of equity of Chinese firms

IF 11.3 1区化学 Q1 CHEMISTRY, PHYSICAL

ACS Catalysis Pub Date : 2024-07-29 DOI:10.1108/cfri-01-2024-0003

Min Huang, Hai Jiang, Zhiyuan Ning, Jun Tu

引用次数: 0

Abstract

PurposeThe purpose of this paper is to investigate the role of institutional investors in the cost of equity for Chinese firms, especially state-owned enterprises (SOEs).Design/methodology/approachBy using data from Chinese firms with a unique state ownership structure, we provide empirical evidence on whether institutional investors can help reduce the cost of equity for SOEs and non-SOEs, respectively, and if so, identify the underlying channels.FindingsWe find that an increase in the shareholdings of institutions, especially independent institutions, can lead to a reduction in the cost of equity. This effect is particularly prominent in SOEs compared to non-SOEs. Moreover, institutional investors promote corporate social responsibility activities and innovation activities of invested firms, thereby reducing the cost of equity.Originality/valueThis paper contributes to a comprehensive understanding of the effects of institutional shareholdings with heterogeneity on the cost of equity and their influential mechanisms in the process of mixed ownership reform.

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中国企业的机构所有权和股权成本

本文旨在研究机构投资者在中国企业（尤其是国有企业）股权成本中的作用。设计/方法/途径通过使用具有独特国有产权结构的中国企业的数据，我们提供了机构投资者是否能分别帮助降低国有企业和非国有企业股权成本的经验证据，如果能，则确定其基本渠道。研究结果我们发现，机构（尤其是独立机构）持股比例的增加会导致股权成本的降低。与非国有企业相比，这种效应在国有企业中尤为突出。此外，机构投资者促进了所投资企业的社会责任活动和创新活动，从而降低了股权成本。本文有助于全面理解混合所有制改革过程中异质性机构持股对股权成本的影响及其影响机制。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

ACS Catalysis CHEMISTRY, PHYSICAL-

CiteScore

20.80

自引率

6.20%

发文量

1253

审稿时长

1.5 months

期刊介绍： ACS Catalysis is an esteemed journal that publishes original research in the fields of heterogeneous catalysis, molecular catalysis, and biocatalysis. It offers broad coverage across diverse areas such as life sciences, organometallics and synthesis, photochemistry and electrochemistry, drug discovery and synthesis, materials science, environmental protection, polymer discovery and synthesis, and energy and fuels. The scope of the journal is to showcase innovative work in various aspects of catalysis. This includes new reactions and novel synthetic approaches utilizing known catalysts, the discovery or modification of new catalysts, elucidation of catalytic mechanisms through cutting-edge investigations, practical enhancements of existing processes, as well as conceptual advances in the field. Contributions to ACS Catalysis can encompass both experimental and theoretical research focused on catalytic molecules, macromolecules, and materials that exhibit catalytic turnover.