机构投资者异质性与企业自主创新

The Heterogeneity of Institutional Investors and Corporate Independent Innovation

发挥资本市场对企业自主创新的支持作用,是我国实施创新驱动发展战略的重要要求。论文以2007-2014年沪深两市A股上市公司为样本,研究机构投资者对企业自主创新的影响,并进一步探讨机构异质性的作用效果。实证检验结果表明,机构投资者总体对企业自主创新产出水平有积极影响。进一步地,证券投资基金及其中的长线基金显著促进了企业创新水平,而短线基金的影响并不显著。同时,产品市场竞争程度与企业自主创新之间存在倒U型关系,但产品市场竞争程度与机构投资者持股的交互作用对企业自主创新的影响不显著。最后,机构投资者总体、证券投资基金及其中的长线基金持股对企业自主创新的积极影响在非国有企业中更为显著,而国有企业的治理结构在一定程度上制约了机构投资者发挥积极作用。论文的发现表明,在中国这一转型经济体中,机构投资者在促进企业自主创新方面发挥了一定的作用,但是这种作用受到机构投资者类型和企业所有权性质等因素的影响。论文为在持续推进机构投资者发展背景下如何有效实施中国的创新驱动发展战略,提供了必要的政策依据。

The supporting function of capital market to independent innovation of enterprises is an important requirement for China＇s innovation-driven development strategy. This paper takes A shares listed companies in Shanghai and Shenzhen market from 2007 to 2014 as a sample, studies the influence of institutional investors on enterprises innovation, and further explores the influence of the heterogeneity of institutional investors on corporate innovation. The results show that overall institutional investors, investment funds and the long-term investment funds have a positive impact on corporate innovation output. The short-term investment funds have no significant influence on corporate innovation. Furthermore, this paper finds that there is an inverted U-shaped relationship between the degree of product market competition and corporate innovation. Finally, overall institutional ownership, investment funds and the long-term investment funds have more significantly effect on corporate innovation in the non-state-owned enterprises than in state-owned enterprises. The ownership of state-owned shareholders restricts the positive role of institutional investors to a certain extent. Accordingly, the findings indicate that in the transitional economy of China, institutional investors play a positive role in promoting corporate innovation, while the type of institutional investors and the nature of enterprises ownership have an impact on this effect. This paper provides the necessary policy basis for how to effectively implement China＇s innovation-driven development strategy in the context of continuous development of institutional investors.