Tingting Liu , Ziang Chen , Junrui Zhang , Brian Lucey
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引用次数: 0
摘要
在网络中处于中心地位的机构投资者占据了大量的结构洞,从而在网络影响力、突出性和声望方面获得了相对优势。本文以中国这个典型的关系型社会为研究对象,探讨机构投资者网络中心地位对企业成熟度错配的影响。利用 2007 年至 2020 年中国 A 股上市公司的数据,我们发现机构投资者网络中心度越高,公司债务期限错配率越低。频繁的实地考察进一步增强了这一效应。此外,异质性分析表明,所记录的关系在非国有企业和融资约束水平较高的企业中更为明显。经过稳健性检验和内生性检验后,结果成立。
Institutional investor networks centrality and firms’ debt maturity mismatch
Institutional investors with a more central position in the network occupy a significant number of structural holes, thereby gaining a relative advantage in network influence, prominence, and prestige. This paper focuses on China, a typical relational society, to investigate the effect of institutional investor networks centrality on firms’ maturity mismatch. Drawing upon data from A-share Chinese listed firms between 2007 and 2020, we find that the higher centrality within institutional investor networks is associated with lower firms’ debt maturity mismatch. This effect is further enhanced by frequent site visits. In addition, heterogeneity analyses reveal that the documented relationship is more pronounced in non-SOEs and firms with higher levels of financing constraints. The results hold after the robustness tests and endogeneity tests.
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