The correlation between ETF shareholding, accounting information value, and investment efficiency

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-25 DOI:10.1016/j.frl.2025.107477

Yunhong Cao , Huiling Gu

引用次数: 0

Abstract

Based on data from Chinese listed companies from 2003 to 2022, this paper explores the relationship between ETF shareholding and investment efficiency. The research findings indicate that ETF shareholding enhances corporate investment efficiency; ETF shareholding improves the relevance of accounting information value, thereby increasing corporate investment efficiency; and the level of corporate governance plays a crucial moderating role in the relationship between ETF shareholding and investment efficiency.

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ETF持股、会计信息价值与投资效率的相关性研究

本文基于2003 - 2022年中国上市公司的数据，探讨了ETF持股与投资效率的关系。研究结果表明，ETF持股提高了公司投资效率；ETF持股提高了会计信息价值的相关性，从而提高了企业投资效率；公司治理水平在ETF持股与投资效率的关系中起着至关重要的调节作用。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance