机构投资者视野、信息环境与企业融资决策

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE Journal of Contemporary Accounting & Economics Pub Date : 2023-12-25 DOI:10.1016/j.jcae.2023.100397
Xin Chang , Yangyang Chen , Kangkang Fu , Endong Yang
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引用次数: 0

摘要

我们提供的证据表明,机构股东的投资期限会影响企业的融资决策。我们发现,短期机构持股会对公司发行股票的可能性、发行股票的规模以及发行长期债务的可能性产生积极影响。短期机构持股较多的公司财务杠杆较低,债务期限较长。这些结果表明,短线机构在买方研究的支持下,提高了信息环境的透明度,使企业能够发行对信息更敏感的证券。我们的研究结果表明,机构投资者的眼界通过塑造企业的信息环境来影响企业的融资决策。
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Institutional investor horizons, information environment, and firm financing decisions

We provide evidence that the investment horizons of institutional shareholders affect firms’ financing decisions. We find that short-term institutional ownership positively affects firms’ likelihood of equity relative to debt issues, the size of equity issues, and the likelihood of long-term relative to short-term debt issues. Firms held more by short-term institutions have lower financial leverage and longer debt maturities. These results suggest that short-horizon institutions, backed by buy-side research, improve the transparency of the information environment, which allows firms to issue more information-sensitive securities. Our findings suggest that institutional investor horizons influence firms’ financing decisions by shaping their information environment.

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CiteScore
6.00
自引率
3.00%
发文量
24
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