机构投资者调研、公司特征与企业创新绩效

Field Research of Institutional Investors, Corporate Characteristics and Enterprise Innovation Performance

以深圳证券交易所2013—2015年上市公司的数据为样本,探讨了机构投资者调研与企业创新绩效之间的关系。研究发现,机构投资者调研提高了创新绩效;在区分投资者异质性后发现,证券公司不仅通过发挥监督作用促使上市公司进行实质性创新,还会诱发上市公司进行策略性创新以迎合投资者对创新概念的追捧;公募基金、私募基金以及保险公司则更关注上市公司的实质性创新,他们的监督能促进上市公司的实质性创新,但不会诱发策略性创新。此外,在代理冲突较大、信息透明度较差的公司中,投资者调研对企业创新的促进作用更强。

Taking the data of the listed com panies in Shenzhen stock exchange from 2013 to2015 as samples, this paper explores the relationship between the institutional investors＇ field investigation and the enterprise innovation performances. The results show that institutional investors＇ investigation can improve the innovation performance. When the heterogeneity among the investors is distinguished, the securities companies can not only play a role of supervision in promoting the listed companies to carry out substantial innovation, but also induce the listed companies to carry out strategic innovation so as to cater to investors＇ demand for innovative conception. The publicly offered funds, the privately offered funds and the insurance companies would focus more on the substantial innovation of the listed companies; their supervision can promote the substantial innovation of the listed companies, but not induce strategic innovation. Furthermore, in the companies with more agency conflicts and worse information transparency, the field investigation of institutional investors will play a more important role in promoting enterprise innovation.