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以2004—2014年沪深A股国有上市公司为样本,首次探究了国有企业政府放权是否会对机构投资者的持股决策产生影响。研究发现,国有企业的金字塔层级越长,机构投资者的持股水平越高。进一步研究表明,政府放权主要增加了独立机构投资者的持股偏好,同时放权改革对机构投资者持股的促进作用只存在于市场化程度较低的地区以及股权分置改革完成后的样本中。
Taking the Shanghai-Shenzhen A-share state-owned listed companies from 2004 to 2014 as a sample, this study for the first time explores whether the government decentralization of state-owned enterprises will have an impact on the decision-making of institutional investors. The study found that the longer the pyramid level of state-owned enterprises, the higher the level of ownership of institutional investors. Further research shows that government decentralization mainly increases the ownership preference of independent institutional investors. At the same time, the promoting role of decentralization reform on institutional investors’ holdings only exists in the less marketized areas and after the completion of the share-trading reform .