终极控制人、机构投资风格与公司资源配置效率摘要股权结构如何影响公司治理，一直是颇受人们关注的一个话题。近年来随着机构投资者兴起和壮大，其对公司资源配置效率有何影响，能否缓解公司投资过度或投资缺乏？本文以我国 2024-2024 年的上市公司为样本，对机构投资者持股是否可以优化公司资源配置，且优化程度是否受到上市公司终极控制人性质和机构投资者投资风格不同进行讨论。结果发现：机构投资者持股可以提升公司资源配置效率；基金整体持股和成熟型基金持股可以提升公司资源配置效率，其他类型的机构投资者对公司资源配置效率影响不显著。进一步还发现，上市公司终极控制人性质会影响机构投资者持股与公司资源配置效率，这种影响作用主要表达在地方政府控制的公司。关键字：资源配置效率、过度投资、投资缺乏、机构投资者、终极控制人Ultimate Controller, Institutional Investors Investment Style and Corporate Resources Allocation EfficiencyAbstractHow does the ownership structure affect the corporate governance, is always a topic which people pay attention in the field of capital structure. Recent years institutional investors have rapid development. Whether they can affect corporate capital allocation efficiency? Using institutional investor ownership data of Chinese listed firms over the period 2024-2024, we investigate whether institutional investors can optimize corporate resource allocation efficiency. And whether the degree of optimization varies with different ownership property or different behavior style of institution? We find that institution ownership really can promote corporate resource allocation efficiency. While Fund and Dedicated Fund can cut down over-investment and alleviate under-investment, Transient Fund and Quasi-indexer Fund cannot affect corporate resource allocation efficiency. Further, we find that ultimate controlling shareholders of listed companies will affect institutional investor ownership and corporate resource allocation efficiency. And t...
