2006年以来，我国本土机构投资者逐渐呈现多元化的特征。机构投资者为上市公司带来增量资金支持的同时，也为公司治理提供了改善渠道。基于现有文献的研究结果以及业界研究发现，本文观察到机构投资者参与持股可能会对生产效率带来拉动。在此背景下，本文基于全样本与案例分析两个视角探讨了机构股份份额与全要素生产率相关情况，以期为如何有效提升企业的生产绩效提供有益参考。首先，本文围绕精测电子从对比视角展开了案例分析。本文选取远方信息作为比较对象，对比分析了精测电子与远方信息之间的机构持股份额和TFP状况，发现精测电子的机构份额和TFP均显著较高，说明从案例视角机构与上市公司的TFP正相关关系显著存在。随后，本文基于2004—2022年沪深A股上市公司的数据进行全样本分析。相关性分析发现，机构比例与全要素生产率正相关。接着，本文基于机构投资者持股比例的年度中位数进行分组，发现相较于机构投资者持股比例较低的上市公司，机构投资者持股比例较高的上市公司的全要素生产率显著更高。随后，从趋势分析的视角来看，机构投资者持股比例与上市公司全要素生产率在2004—2022年间整体上都呈现出明显的上升趋势。最后，以全要素生产率作为被解释变量，以代表性机构持股份额之和作为解释变量，本文通过实证发现机构投资者持股比例与全要素生产率之间存在显著的正相关关系。关于机构投资者持股影响全要素生产率的作用机制，本文实证研究代理成本渠道和研发创新渠道的影响，发现机构投资者持股的增加，能够通过提高总资产周转率、降低经营性费用占比以及增加下一年度企业研发投入的作用机制，对企业全要素生产率产生促进作用。最后，本文进一步聚焦于集成电路产业，关注国家集成电路产业投资基金参与持股对所投资的上市公司全要素生产率的影响。通过构造参与持股虚拟变量，本文采用多期DID模型，研究发现国家集成电路产业投资基金持股对公司全要素生产率具有显著的正向促进作用，且验证了代理成本渠道和研发创新渠道的作用机制。本文一方面丰富机构持股份份额提升带来的经济后果与TFP影响因素两方面文献，另一方面也对如何完善上市公司投资者结构、促进上市公司全要素生产率的提升具有启示意义。
Since 2006, institutional investors in China have gradually shown diversified characteristics. While institutional investors bring increased funding support to listed companies, they also provide channels for improving the corporate governance. Based on the findings of existing literature and research work in the industry, institutional investors’ participation in shareholding has been found to be able to promote corporate productivity to a certain extent. Based on this, the paper attempts to investigate whether the increase in institutional investors’ shareholding can effectively improve corporate total factor productivity (TFP). Firstly, this paper focuses on the case study of "Jingce Electronic" from a comparative perspective, and selects "Yuanfang Information" as a comparative object, compares and analyzes the institutions and TFP status, and finds that the ratio of institutions and TFP of "Jingce Electronic" are significantly higher than that of "Yuanfang Information", which suggests that the positive correlation between institutional investors and total factor productivity of listed companies from the perspective of the case still exists significantly.Secondly, this paper conducts a preliminary analysis based on the data of listed companies from 2004 to 2022. The correlation analysis finds that there is a positive correlation between the shares held by institutions and the TFP of listed companies. Next, this paper groups the companies based on the annual median of institutional investors’ ratio of shareholding and finds that the total factor productivity of listed companies with a higher ratio of institutions is significantly higher compared to listed companies with a lower ratio of institutions. Then, from the perspective of trend analysis, the ratio of institutions and total factor productivity of listed companies as a whole show a significant upward trend during the period of 2004-2022. Finally, using the variable "total factor productivity" as the main dependent variables, and the shareholding ratio of major institutional investors as the main independent variable, this paper finds a significant and positive relationship between the shareholding ratio of institutional investors and total factor productivity. Regarding the mechanism of the effects of institutional investors’ shareholding on TFP, this paper empirically verifies the effect of agency cost channels and R&D channels. The increase in institutional investors’ shareholding is found to improve total factor productivity by increasing the total asset turnover, reducing the share of operating expenses in the current year, and increasing the R&D investment in the following year.Finally, this paper further focuses on the IC industry and investigates the impact of IC Industry Investment Fund’s participation in shareholding on total factor productivity of listed companies. By constructing dummy variable for the participation in shareholding, this paper applies a multi-period DID model and finds that the participation in shareholding of the IC industry investment fund has a significant and positive contribution to the total factor productivity of the company, and verifies the mechanism of the agency cost channel and the R&D channel. It is worth mentioning that, on the one hand, this paper enriches the literature on the economic consequences of institutional investors’ shareholding and total factor productivity of listed companies, and on the other hand, it also sheds light on how to improve the investor structure of listed companies and promote the total factor productivity of listed companies.
