机构投资者增持的经济后果:基于定向增发的实证研究

定向增发背景下,对机构投资者增持行为经济后果展开研究具有重要的现实意义。以2008-2017年我国沪深A股成功进行定向增发的上市公司为样本,本研究采用OLS、POISSON、PSM等方法对机构投资者增持的经济后果及机理进行实证分析与稳健性检验。结果表明:机构投资者整体增持与定向增发上市公司的长期市场表现正相关。考虑机构投资者异质性特征并做进一步分析,价值投资型机构投资者增持行为通过提升企业创新水平显著提升了定向增发上市公司长期市场表现;由于追求短期股权价值波动收益,价格追随型机构投资者增持行为则不利于定向增发上市公司长期市场表现;限售期规定能够有效遏制价格追随型机构投资者的“追涨杀跌”行为。本研究为我国中长期价值投资型机构投资者培育、定向增发资源配置效率提升提供了理论依据。

Economic Consequences of Institutional Investors' Increased-holdings: an Empirical Study Based on Private Placement

It is of great practical significance to study the economic consequences of institutional investors' increased-holdings under private placement background. Taking the Shanghai and Shenzhen A-listed companies that successfully conducted private placement from 2008 to 2017 as samples, this paper conducts an empirical analysis and robustness test on the economic consequences and mechanism of institutional investors' increased-holdings by means of OLS, POISSON, PSM and other methods. The results show that the increased-holdings of the whole institutional investors significantly improves the long-term market performance of listed companies with private placement. Considering the heterogeneity characteristics of the institutional investors, the Value-investors' increased-holdings promote the long-term market performance of listed companies with private placement, while the Price-followers' increased-holdings inhibit the long-term market. Furthermore, Value-investors improve the long-term value of listed companies after private placement by cultivating innovation, while Price-followers pursue short-term equity value fluctuation, which reduces innovation and fails to promote the long-term market performance. In addition, the lockups effectively curbing the “chasing the rise and killing the fall” behavior of Price-follower. This research provides a theoretical basis to cultivate medium and long-term value-oriented institutional investors and improve the allocation efficiency of private placement.