| 摘要: |
| 研究机构持股对农业企业绩效的影响机制，对深化农业企业股权改革、提高农业企业联农带农能力、赋能乡村振兴具有重要意义。本文以上海和深圳证券交易所2007-2020年农业上市企业为研究对象，研究机构持股对农业企业绩效的影响及其作用机制。研究发现，机构持股能有效促进农业企业绩效，该结论在经过系列稳健性检验，并考虑内生性后依然成立。进一步研究表明，机构持股可通过缓解内部控制缺陷和融资约束提升农业企业绩效，并且机构持股对国有农业企业与制造业门类下农业企业绩效的提升效果更为显著。为此，应完善机构投资环境，鼓励机构投资者加大对农业企业投资力度，缓解农业企业资金约束，提高农业企业治理水平，从而促进农业企业做大做强。 |
| 关键词: 机构投资者；农业企业绩效；内部控制；融资约束 |
| DOI： |
| 分类号:F832.5；F328 |
| 基金项目: |
|
| How does Institutional Shareholding Affect the Performance of Agricultural Enterprises? |
|
XIONG Chun-li,REN Zan-jie
|
|
（School of Economics and Management,Southwest University）
|
| Abstract: |
| Research on the influence mechanism of institutional investors’ shareholding on the performance of agricultural enterprises is of great significance for deepening the equity reform of agricultural enterprises,improving the ability of agricultural enterprises to combine agricultural markets and farmers,and enabling rural revitalization.Based on the agricultural enterprises in Shanghai and Shenzhen Stock Exchanges from 2007 to 2020,this paper studies the impact of institutional investors’ shareholding on the performance of agricultural enterprises and its mechanism.The result shows that institutional investors’ shareholding can promote the performance of agricultural enterprises,and the conclusion remains valid after a series of robustness tests and considering endogeneity.Further research shows that institutional investors’ shareholding can improve the performance of agricultural enterprises by alleviating the internal control defects and financing constraints,and institutional investors’ shareholding has a more significant improvement effect on the performance of state-owned agricultural enterprises and agricultural enterprises under the manufacturing sector.Therefore,it is necessary to improve the institutional investment environment,encourage institutional investors to increase institutional investment environment in agricultural enterprises,ease the financial constraints of agricultural enterprises and improve the governance level of agricultural enterprises,so as to promote agricultural enterprises to become bigger and stronger. |
| Key words: Institutional Investors;Agricultural Enterprise Performance;Internal Control; Financing Constraints |
