题目🧑🏽‍🎨：【JCF】机构投资者会影响公司投资吗？来自新兴市场的证据

JOURNALOF CORPORATE FINANCE, VOLUME 53，DECEMBER 2018

机构投资者会影响公司投资吗？来自新兴市场的证据

作者：RobertoAlvarez (Universidad de Chile, Chile)

Mauricio Jara (Universidadde Chile, Chile)

Carlos Pombo (Universidadde los Andes, Colombia)

摘要：本文考察了2004-2016年期间16个大型新兴市场6300家上市公司的投资比率和机构大股东之间的关系。结果表明🍐，独立的🫏、长期的和当地的机构投资者提高了投资比率，这与监督角色和大股东声音干预假设是一致的。机构大股东的存在，无论其监管参与度如何💆🏽‍♂️，都会降低公司现金流敏感性比率⛰，从而降低公司的资金约束👩‍🏭。少数机构投资者补充了大股东投资者的积极影响。然而🏊🏿‍♀️，随着国家机构质量的提高，资金约束效应随之减少🦜。

关键词：机构投资者；公司投资；资金约束；公司治理；新兴市场

Doinstitutional blockholders influence corporate investment? Evidence fromemerging markets  

RobertoAlvarez (Universidadde Chile, Chile)👩‍👩‍👧‍👦，MauricioJara (Universidad de Chile, Chile)，CarlosPombo (Universidad de los Andes, Colombia) 

ABSTRACT

Thispaper examines the relationship between firm investment ratios andinstitutional blockholders for a sample of 6300 publicly traded firms in 16large emerging markets for the 2004–2016 period. Results show that independent,long-term, and local institutional investors boost investment ratios, and thisis consistent with the monitoring role and blockholder voice interventionhypotheses. The presence of institutional blockholders, regardless of theirmonitoring involvement, reduces firm cash flow sensitivity ratios and thus,firms' financial constraints. Minority institutional investors complement thepositive effect of blockholder investors. However, the effect on financialconstraints decreases as the quality of the country's institutions increases.

Keywords:Institutionalinvestors; Corporate Investment; Financial Constraints; Corporate Governance; EmergingMarkets

原文链接：

https://www.sciencedirect.com/science/article/pii/S0929119917305771

翻译：陈然