https://orcid.org/0000-0002-6547-3541
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ABSTRACT
This study explains the effect of Securities investment funds shareholding (fund shareholding) on corporate inefficient investment. The results show that fund shareholding has an inverted U-shaped effect on inefficient investment, which is reflected on over-investment, but not on under-investment. Moreover, the results are mainly presented with lower corporate information transparency. Finally, it is suggested that fund shareholding proportion should be appropriately raised to promote the healthy development of the capital market. This study is of reference significance for guiding fund shareholding to play a role of ‘market stabilizer’.
Disclosure statement
No potential conflict of interest was reported by the author(s).
Additional information
Funding
The National Social Science Foundation of China (20BGL026); The Soft Science Research Program of Henan Province, China (222400410161); The Key Research Institute of Humanities and Social Sciences at Universities of Henan, China.