基金机构投资者对企业创新的影响研究——基于内生性视角的研究

The Research of Funds Institutional Investors Affect Listed Firms’ Innovation——Analysis Based on the Endogenous View

文章运用2009-2017年A股上市公司的数据,研究基金为代表的机构投资者对其持股公司企业创新研发行为的影响,通过构建联立方程运用三阶段最小二乘法进行研究,并进一步研究不同行业下基金对企业创新行为影响的差异,得出与前人不一样的结论:机构投资者可以促进企业创新研发,其中基金投资者更加积极地参与上市公司的治理,对企业创新研发投入的影响起主导作用,企业创新研发投入的增加反过来会促进基金投资者持股比重的增加;基金投资者对不同行业企业创新研发产生的影响存在差异,技术密集型和资本密集型行业的基金投资者对创新研发投入有显著的正向影响,而劳动密集型行业的影响结果并不显著。基金投资者能够起到监督作用并促进企业管理层增加企业创新研发投入,在创新研发投入与企业绩效的关系中起正向调节作用。

In this paper,we use the data of A share listed companies from 2009 to 2017 to study the impact of institutional investors represented by the fund on their R & D activities. By constructing a simultaneous equation and using the three-stage least squares method,this paper further studies the differences of the impact of funds on enterprise innovation behavior in different industries. The conclusions are different from those of the predecessors: institutional investors can promote enterprise innovation and R&D,in which fund investors participate more actively in the governance of listed companies and play a leading role in the impact of enterprise innovation and R&D investment,and the increase of enterprise innovation and R&D investment will in turn promote the increase of fund investors’ share-holding ratio;there are differences in the impact of fund investors on innovation and R&D of enterprises in different industries. Fund investors in technology-intensive and capital-intensive industries have a significant positive impact on innovation and R&D investment,while the impact of labor-intensive industries is not significant;fund investors can play a supervisory role and promote enterprise management to increase enterprise innovation R&D investment,and play a positive regulatory role in the relationship between innovation R&D investment and enterprise performance.