Research On The Influence Of Common Ownership On Sensitivity Of Corporate Financing And Investment Opportunities

In recent years,the development of institutional investors in the capital market has shown a new trend.When institutional investors hold multiple listed companies in the same industry,there are common institutional investors among companies.Based on this,from the perspective of the sensitivity of corporate financing and investment opportunities,this article analyzes and examines the impact of common ownership.This article uses the listed companies in Shanghai and Shenzhen as a sample from2008 to 2018 to construct an index of common ownership of multiple listed companies in the same industry,finally draws an important conclusion: the shareholding of common institutional investors will significantly increase the sensitivity of corporate financing and investment opportunities.Further research shows that for companies with more serious information asymmetry,higher agency costs,and more intense competition in the industry,this effect will be more obvious,confirming that the important channel for common institutional investors to play a role is to reduce information asymmetry,alleviate agency problems and coordinate product market competition.On the one hand,common institutional investors have economies of scale in information acquisition and participation in supervision and management,which can improve the company's governance level and alleviate information asymmetry and agency conflicts.On the other hand,common institutional investors strengthen the links between companies in the same industry,increasing cooperation have reduced the company's risk of business failure due to high competition,strengthening investors' confidence in providing funds to listed companies,increasing the sensitivity of the corporate financing and investment opportunities,and expanding the company's financing scale.Finally,this article also conducts a number of robustness tests and additional tests to further enhance the logic of basic research questions.The empirical analysis in this paper provides sufficient empirical evidence for the important role that common institutional investors play in the sensitivity of listed companies financing and investment opportunities,expands the research on the relationship between common institutional investors and capital market.