| The "Fourteenth Five-Year Plan" pointed out that we should improve the macro-prudential system,and maintain the macro-leverage ratio to be stable,while maintaining stability.As an important content of "three reductions,one reduction and one compensation",deleveraging has important practical significance for reducing the leverage ratio of Chinese enterprises.As an economic phenomenon,leverage manipulation is a subjective manipulation by enterprises to adjust the book leverage ratio and meet the requirements of the deleveraging policy.As more and more traditional industries pursue greater economic benefits through mergers and acquisitions,professional investment institutions have also stepped down.In the capital market,it is increasingly common for institutional investors to hold the equity of multiple listed companies in the same industry at the same time.The joint institutional investors who are deeply engaged in specific industries have stronger governance will and ability,can build a bridge between enterprises and external investors,form a joint role of joint institutional ownership,give play to the supervision and governance effect and information advantage effect,and improve corporate governance ability,supervise and urge the management to actively disclose information,timely discover the opportunistic behavior of enterprises,and play a regulatory role on the management.In order to explore the relationship between the ownership of joint institutions and corporate leverage,based on the data samples of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020,this paper examines the impact of the ownership of joint institutions on corporate leverage.The reliability of the results was ensured by replacing the measurement indicators of leverage manipulation,eliminating the impact of events,instrumental variable method,propensity matching score method and placebo test.Further,the paper studies the effect of the ownership of common institutions on the level of governance and information transparency,and then on the leverage of enterprises,under the supervision and governance effect and information superiority effect.At the same time,it explores the differences in the influence of ownership of common institutions on corporate leverage under different property rights and growth levels.The study found that the ownership of common institutions will significantly reduce the level of leverage.To explore the specific path,the ownership of common institutions can play the role of supervision and governance,improve the level of governance,and reduce the level of corporate leverage;Give full play to the information superiority effect,improve the information transparency,and restrain the leverage manipulation.At the same time,under different property rights and growth conditions,in state-owned enterprises and enterprises with poor growth level,the ownership of common institutions has a more significant inhibitory effect on leverage manipulation.The research on the influence of the ownership of joint institutions and corporate leverage manipulation in this paper provides new evidence for exploring the supervision,governance and information advantages of the ownership of joint institutions,broadens the research thinking of the information network of joint institutional investors,and also provides a new perspective for the study of corporate leverage manipulation,and strengthens the external supervision of corporate operation.While further deepening the understanding of the ownership of common institutions for all market entities,it also provides the governance environment and institutional guarantee for the development of the ownership of common institutions,and promotes the government to reasonably use the informal emerging regulatory model of ownership of common institutions to play a greater role in supervision,prevent the risk of resource mismatch,and provide a reference for the regulatory authorities to formulate regulatory measures in line with the reality of China,It also serves the high-quality development of China’s economy and the modernization of the national governance system. |
