引入战略投资者对企业创新的影响研究

Research on the Impact of Introducing Strategic Investors on Corporate Innovation

近年来,政府为帮助企业引入战略投资者,积极推动相关政策的修订。本文以2013—2019年间引入了战略投资者的A股上市公司为研究对象,分析引入战略投资者对企业创新的影响。结果发现,引入战略投资者能够从研发投入和专利授权两个层面显著提高企业创新水平。进一步,从企业异质性角度分析,非国有企业、引入战略投资者前股权集中度较低的企业、制造业、信息传输、软件和信息技术服务业企业,以及融资约束程度较高的企业,引入战略投资者更有利于其提升企业创新水平。

In recent years,the government has actively promoted the revision of related policies in order to help enterprises introduce strategic investors.This paper takes A-share listed companies that introduced strategic investors from 2013 to 2019 as the research object,and analyzes the impact of the introduction of strategic investors on corporate innovation.The results found that the introduction of strategic investors can significantly improve the level of enterprise innovation from two levels of R&D investment and patent authorization.Further,from the perspective of enterprise heterogeneity,for non-state-owned enterprises,enterprises with low equity concentration before the introduction of strategic investors,enterprises belonging to manufacturing,information transmission,software and information technology service industries,enterprises with high financing constraints,the introduction of strategic investors is more conducive to enhancing corporate innovation.