机构投资者对企业创新的影响机制——来自中小创板上市公司的经验证据

The Influencing Mechanism of Institutional Investors on Enterprise Innovation——Evidence from the Listed Companies in the SME and GEM

基于2006-2015年我国中小板和创业板上市公司数据,从监督、容错和促进知识溢出3个方面分析机构投资者对公司创新产出的影响。结果发现,机构投资者显著提高了公司创新产出;在影响渠道方面,机构投资者主要作为公司治理监督者和区域知识溢出的传播者,促进投资公司创新产出;机构投资者尽管没有通过降低公司薪酬-业绩敏感性为管理层可能遭遇的创新失败提供风险保护,但显著提高了公司实施股票期权激励的可能性。采用中证800指数成份股调整进行机构持股外生冲击准自然实验,利用双重差分法控制潜在内生性问题后,研究结论依然成立。该研究为分析我国机构投资者影响公司创新的作用机制提供了新视角,对政策制定者和企业决策者具有一定参考价值。

Based on the listed companies' data in the SME and GEM from 2006 to 2015,we analyze the influence of institutional investors on company's innovation output from three aspects: supervision,insurance and knowledge spillover. The results showed that institutional investors significantly improved the innovation output of the company. Institutional investors promote the innovative output of their investment companies mainly act as active corporate governance supervisors and disseminators of knowledge spillovers in areas with high innovation levels .Institutional investors didn't provide risk protection for the innovation of the management may fail by lowering the company performance pay-sensitive,but they significantly enhanced the possibility of the company implementing stock option compensation. We use the adjustment of CSI 800 Index as exogenous shocks of quasi -natural experiment,combining propensity score matching and difference in differences estimation method,further verified the robustness of conclusion. Our research sheds light on the influencing mechanism of institutional investors enhance Corporate innovation and has important implications for policy makers and corporate decision-makers who aim to stimulate innovation.