2369 
1753机构共同持股是近年来资本市场频繁出现的现象，其是否会影响非金融企业的影子银行化活动是值得关注的重要话题。文章基于中国沪深A股非金融上市公司数据，探究机构共同持股对非金融企业影子银行化的影响。研究发现，机构共同持股显著抑制了非金融企业影子银行化；机制分析表明，机构共同持股主要通过缓解委托代理问题和促进实物投资等途径抑制非金融企业影子银行化；进一步分析发现，机构共同持股对非金融企业影子银行化的抑制作用在机构共同股东为压力抵制型组、机构共同持股时间长组以及国有企业组中更显著，相较于“信用中介”类影子银行，机构共同持股对“信贷链条”类影子银行的抑制作用更显著；经济后果分析发现，机构共同持股通过抑制非金融企业影子银行化显著降低了企业股价崩盘风险，提高了企业价值。研究结论不仅有助于深化对资本市场中机构共同持股现象的认识，而且能够为政府防范系统性金融风险和推动经济高质量发展提供微观依据和政策参考。
机构共同持股与非金融企业影子银行化：“防微杜渐”还是“推波助澜”
摘要
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引用本文
黄丹华, 杜勇, 马文龙, 等. 机构共同持股与非金融企业影子银行化：“防微杜渐”还是“推波助澜”[J]. 上海财经大学学报, 2024, 26(2): 3-17.
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