股票流动性、机构投资者与企业创新

Stock Liquidity,Institutional Investors and Innovation of Enterprises

在我国资本市场中股票流动性提高,抑制了企业的创新专利产出;但另一方面,较高的股票流动性刺激机构投资者的进出,并为机构投资者提供了足够的信息支撑,在此条件下,机构投资者持股能够显著优化企业治理结构和信息质量,从而逆转了股票流动性的不利作用。特别的,长期持股的机构投资者对企业创新改善作用更为显著。有鉴于此,本文从强化信息披露、完善企业内部治理结构、重视机构投资者的作用等几个方面,基于我国实际情况提出了如何提高企业创新实力的政策建议。

Stock liquidity improvement does inhibit the innovation of enterprise patent output;on the other hand,however,it is more likely that the stock liquidity lubrication of institutional investors enters the channel and provides enough information in support of institutional investors.Under this condition,the institutional investors holding can significantly optimize the structure of corporate governance and the quality of information,thus reversing the adverse effects of stock liquidity.In particular,long term institutional investors have a greater impact on the improvement of enterprise innovation.With regard to this perspective,this paper puts forward some suggestions on policy level to enhance the enterprise innovation capability from strengthening information disclosure,perfecting the internal governance structure of enterprises,and paying attention to the role of institutional investors.