报告题目：Does Institutional Ownership Improve Firm Investment Efficiency? (机构投资者是否改善了公司投资效率)
报告人：董轶哲 博士 主持人：石宝峰 博士
报告时间：2018年7月3日（周二） 下午15:00-18:00
报告地点：经管园林大楼C315会议室
内容简介：Our study examines the influence of institutional investors on firm investment efficiency based on the non-financial firms listed on Chinese stock exchanges over the period of 2009–2014. Our results show that institutional ownership generally improves firm investment efficiency. However, after considering the independence of institutional ownership, we find that only pressure-resistant institutional ownership increases firm investment efficiency by alleviating both over-investment and underinvestment. We also find that the pressure-resistant institution investors’ horizon matters. In particular, the pressure-resistant institution investors that have higher shareholdings are more stable, i.e. they tend to hold shares for a longer term, and thus have more intensive effect on firm investment efficiency. Our results also show that relaxing external financing constraints, reducing agency costs and increasing executive incentives significantly improve firm investment efficiency. The results are robust to controlling for endogeneity. Documenting the positive influence that pressure-resistant institutional investors have on firm investment efficiency and the channels through which they improve firm investment efficiency should be of interest to investors, regulators and academics.
报告人简介：董轶哲， 英国阿伯丁大学 (University of Aberdeen) 金融学副教授 (终身教职), 博士生导师. 获得拉夫堡大学 (Loughborough University) 金融学博士，诺丁汉大学 (University of Nottingham)金融学硕士，卡迪夫大学(Cardiff University)经济学硕士和华南理工大学学士。曾担任英国亚伯大学(Aberystwyth University) 讲师和杜伦大学(Durham University)博士后研究员。致力于金融机构效率，银行经营与管理，公司治理, 公司金融, 绿色金融和资本市场的研究。先后在 European Journal of Operation Research, European Journal of Finance, International Review Financial Analysis, British Accounting review, Journal of International Financial Markets, Institutions and Money， Economic Modelling和Information Systems Frontiers等国际著名学术期刊上发表10多篇学术论文。
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2018年7月1日
