机构投资者持股对企业全要素生产率的影响研究：基于双中介、双调节视角

The Impact of Institutional Investor Shareholding on Firm Total Factor Productivity: A Dual Mediation and Dual Moderation Perspective

摘要: 企业面临高质量发展和转型困境，机构投资者持股这一行为能否助力企业实现高质量发展和突破转型困境？因此，本文选取2014~2024年A股制造业上市公司的微观数据为研究样本，实证分析机构投资者持股对企业全要素生产率的影响。研究结果表明：机构投资者持股会显著提升企业全要素生产率；机制路径分析显示，其会通过提高绿色创新能力和缓解融资约束两个机制路径提升全要素生产率；调节效应分析表明，供应链韧性会促进其对绿色创新能力的影响，两权分离率与缓解融资约束呈现正相关关系；异质性分析表明，在大企业、董监高有金融背景和低股权集中度的企业，其对全要素生产率的促进效果更好更显著。

Abstract: Against the backdrop of enterprises grappling with the dual challenges of pursuing high-quality development and breaking through transformation dilemmas, this paper addresses a critical question: Can institutional investor shareholding facilitate enterprises’ high-quality development and help them surmount transformation bottlenecks? To explore this, we select micro-level data of A-share listed manufacturing firms from 2014 to 2024 as the research sample, and empirically examine the impact of institutional ownership on firms’ total factor productivity (TFP). The findings indicate that institutional investor shareholding significantly enhances corporate TFP. Mechanism pathway analysis reveals that this effect is transmitted through two channels: improving green innovation capability and alleviating financing constraints. Moderating effect analysis shows that supply chain resilience amplifies the positive impact of institutional ownership on green innovation, while the separation ratio of ownership and control is positively associated with the mitigation of financing constraints. Heterogeneity analysis further demonstrates that the promoting effect on TFP is more pronounced and robust in large-scale enterprises, firms with directors and senior executives holding financial backgrounds, and firms with low equity concentration.