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本文以2004～2013年沪、深两市A股非国有企业为样本,研究机构投资者持股对非国有企业融资约束的影响,并分析持续经营审计意见在其中的调节作用,考察在机构投资者异质性与宏观金融环境下,该作用机制的效果与表现,研究结果表明:机构投资者持股能显著缓解非国有企业融资约束;持续经营审计意见显著削弱了机构投资者持股对非国有企业融资约束的缓解作用;在压力敏感型机构投资者持股比例较高的非国有企业或货币政策宽松阶段,持续经营审计意见在削弱机构投资者持股对非国有企业融资约束的缓解作用方面更为显著。
This article takes the A-share non-state-owned enterprises in Shanghai and Shenzhen from 2004 to 2013 as a sample to study the influence of institutional investors’ shareholding on the financing constraints of non-state-owned enterprises and to analyze the regulatory role of the going concern audit opinion in them. Heterogeneity and the effect and performance of the mechanism under the macro-financial environment. The results show that the holding of institutional investors can significantly alleviate the financing constraints of non-state-owned enterprises. The continuous operation audit opinion significantly weakened the institutional investors’ State-owned enterprises to ease the financing constraints; in the pressure-sensitive institutional investors hold a higher proportion of non-state-owned enterprises or loose monetary policy, the continuing operation of the audit opinion in the weakening of institutional investors to ease the financing constraints of non-state-owned enterprises In terms of more significant.