治理还是勾结?机构共有和数字化转型如何重塑企业投融资期限错配

IF 9.8 1区 经济学 Q1 BUSINESS, FINANCE
Jun Zhai , Zi-lan Zhao , Wen-hao Guo , Bo-wen Yao , Xiao-yan Li
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引用次数: 0

摘要

在数字经济中,制度共有通过知识交换和资源共享影响企业投融资结构。本文利用2011 - 2023年a股上市公司数据集,从共同持股存在程度、互联程度和持股比例三个维度,探讨了机构共同持股对公司短期负债和长期资本配置的影响。实证表明,机构共同持股降低了短期负债和长期资本配置,且关联度越高、持股比例越高,影响越强。机制分析表明,数字化通过新生产力形态的发展、企业形象的塑造和融资约束的缓解三个途径重塑了制度共有制与企业成熟度结构的相互作用。此外,制度共有和数字化转型对弹性强、资源丰富、创新能力高的企业,特别是在政策强度低、环境不确定性高的地区经营的制造业企业和非国有中小企业中,对长期投资短期借款的限制作用更为显著。此外,机构共同所有权通过减少期限错配来提高公司绩效,数字化转型进一步强化了这一效应,并展示了长期可持续性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Governance or collusion? How institutional co-ownership and digital transformation reshape corporate maturity mismatch in investment and financing
In the digital economy, institutional co-ownership influences business investment and financing structures through knowledge exchange and resource sharing. Using a dataset of A-share listed firms from 2011 to 2023, this study explores how institutional co-ownership affects firms' short-duration liabilities and long-horizon capital allocation, focusing on three dimensions: the presence of co-ownership, the degree of interconnection, and the ownership proportion. Empirical evidence indicates that institutional co-ownership reduces both short-duration liabilities and long-horizon capital allocation, with greater interconnection and higher ownership proportions yielding stronger effects. The mechanism analysis demonstrates that digitalization reshapes how institutional co-ownership interacts with corporate maturity structures via three pathways: the development of new productivity forms, corporate image building, and easing of financing constraints. Moreover, the combined effect of institutional co-ownership and digital transformation in limiting short-term borrowing for long-term investments is more significant among firms with strong resilience, abundant resources, and high innovation capacity—especially those in the manufacturing sector, operating in regions with low policy intensity, under high environmental uncertainty, among non-state-owned small and medium-sized enterprises. Additionally, institutional co-ownership enhances firm performance by reducing maturity mismatches, an effect that is further strengthened by digital transformation and demonstrates long-term sustainability.
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来源期刊
CiteScore
10.30
自引率
9.80%
发文量
366
期刊介绍: The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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