机构投资者异质性与企业研发投入强度关系研究

Research on the Relationship between the Heterogeneity of Institutional Investors and Corporate R&D Investment

在价值选择效应和价值创造效应基础上,分析机构投资者与企业研发投入强度的动态内生关系.选取沪深两市97家高技术行业上市公司作为样本,基于动态内生视角采用System GMM估计方法研究不同类型的机构投资者与研发投入强度的相互影响关系,实证研究认为压力抵制型机构投资者在提高企业研发投入强度方面具有价值创造效应与价值选择效应,压力敏感型机构投资者既不具有价值创造效应也不具有价值选择效应.

The dynamic endogenetic relationship between institutional investors and corporate R&D investment is discussed from the perspectives of value creation effect and value selection effect.With 97 Chinese listed companies in hi tech industry as the samples,an empirical research was conducted on the interaction between different types of institutional investors and R&D investment from a dynamic endogeneity perspective by using the System GMM model.The study shows that the institutional investors of the pressure resisting type have both value creation effect and value selection effect on corporate R&D investment,while the institutional investors of the pressure sensitive type have neither value creation effect nor value selection effect.