到现场去：机构投资者实地调研与企业韧性

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中图分类号：F832.51 文章标志码：A 文章编号:1007-8576(2025)05-0070-11

DOI: 10.16716/j.cnki.65-1030/f.2025.05.007

Go to the Field: Institutional Investors'Site Visit and Enterprise Resilience

TANG Qijin, GAO Pengjun

(Xinjiang University of Finance and Economics, Urumqi 83oo12, China)

Abstract:Facing theunprecedented changes inacentury,enhancingresilience isakeycapabilitythatenterprises needto cope with crisesand grow against theodds.BasedonthedataofA-share listed companies in Shanghaiand Shenzhen from 2012 to 2022,thisarticleanalyzes the impactandmechanismof institutional investors’on-siteresearchonenterpriseresilience.Theresearchshowsthaton-siteresearchbyinstitutional investorscansignificantlyenanceenterpriseresilience,which canbeachievedthroughtheiformationefect,thatis,allviatingthefinancingconstraintsofenterprises,ndthegoverance eect,thatisicreasingtheinnovationinvestmentofnterprises.Mediatentionandthestateowednatureofenterprises bothplayanegativemoderatingroleintheprocessofinstitutionalinvestors’on-siteresearchpromotingtheenhancementofenterpriseresilience.Heterogeneityanalysisreveals thatthepromotionefectofon-siteresearchbyfund-typeinvestmentinstitutionsontheenhancementofenterpriseresilienceis thegreatest.On-siteresearchforenterprises inthe growthanddecline stagescan promote theenancementof enterpriseresilience,whileon-siteresearch forenterprises inthe mature stage may weaken enterpriseresilience.Inthefuture,aregularon-siteresearch working mechanismshouldbepromotedtostrengtheninformation communication and sharing between enterprises and investors,so as to continuously enhance enterprise resilience.

KeyWords: institutional investors'site visits;enterpriseresilience; media attention;financing constraints

一、问题的提出

2024年11月15日,中国证券监督管理委员会发布的《上市公司监管指引第10号——市值管理》中强调，上市公司质量是公司投资价值的基础和市值管理的重要抓手。（剩余15798字）