| The report of the 20th National Congress of the Communist Party of China emphasizes the importance of high-quality development for modernization.The proposal of high-quality development fully takes into account the changes in the principal contradiction of society and the new development requirements,with the goal of changing from a crude growth pattern driven by factor inputs to an intensive growth pattern driven by technology and allocation efficiency.The real economy is the key to promote this process,and the transformation of growth pattern essentially requires enterprises to achieve high-quality development.Chinese enterprises have problems such as insufficient technological innovation and resource allocation,and there is a certain gap between them and the world level.Common institutional ownership makes shareholders become the node that connects enterprises,and can influence the strategic choices and behavior modes of enterprises through resource sharing,which is an increasingly common and important phenomenon in the capital market.In the context of high-quality development,it is particularly necessary to explore how to improve the quality of corporate development through this emerging form of equity linkage.This dissertation constructs a fixed-effects model to explore the effect and mechanism of common institutional ownership on the high-quality development of enterprises,and examine the moderating role of financing constraints in the process,using A-share listed companies from 2009 to 2021 as a sample.It is found that common institutional ownership can play a supervisory and incentive effect,and promote highquality development of enterprises by inhibiting hidden corruption of executives and improving executive compensation incentives;the financing constraint reflects the difficulty of accessing capital and plays a negative moderating role in the impact of common institutional ownership on high-quality development of enterprises.Further study shows that compared with transactional institutional investors,common ownership formed by stable institutional investors focuses on long-term corporate development and is more effective in promoting high-quality development of enterprises;when the degree of diversification is high,the enterprises have strong learning and management abilities and more abundant resources,which can positively moderate the effect of common institutional ownership on the high-quality development of the enterprises;common institutional ownership can compensate for the barriers to information access caused by market failure,and its positive effect is stronger in regions with low marketization level.Based on the findings,this dissertation proposes recommendations from the perspectives of enterprises,institutional investors,and governments in order to take advantage of common institutional ownership and achieve high-quality development of enterprises. |
