异质机构投资者、企业性质与科技创新

Heterogeneous Institutional Investors, Enterprise Nature and Technological Innovation

本文以我国沪深两地762家2012~2017连续5年A股上市公司的数据为样本,运用平衡面板固定效应模型实证研究了压力抵抗型机构投资者与压力敏感型机构投资者对企业研发投入的影响。结果显示,机构投资者整体可以在一定程度上提升企业创新投入水平;压力抵抗型机构投资持股比例的增加可以促进企业科技创新;压力敏感型投资者对企业创新水平无显著影响。且在不同性质的公司中,机构投资者对企业科技创新的治理效果存在一定的差异,机构投资者在非国有控股企业及高新技术行业企业中的治理效果更加明显,研究结论为促进机构投资者参与公司治理、推动资本市场健康发展提供了新的依据。

The research is conducted by taking 762 A-share listed companies as samples for five consecutive years from 2012 to 2017.The research empirically studies the impact of pressure-resistant institutional investors and pressure-sensitive institutional investors on corporate r&d investment by using the balance panel fixed effect model.The results show that institutional investors can improve the level of enterprise innovation investment to a certain extent.Pressure-resistant institutional investors can promote technological innovation of enterprises.Pressure-sensitive investors have no significant impact on enterprise innovation.In according to the nature of the ownership of enterprises and industrial properties for grouping samples,the governance effect of institutional investors in non-state-owned holding enterprises and high-tech enterprises is more obvious.The conclusion can provide a new basis for institutional investors to participate in corporate governance and promote the development of capital market.