机构投资者异质性、创新投入与企业绩效--基于创业板的经验数据

Institutional Investor Heterogeneity,Innovation Input and Corporate Performance:Based on Empirical Data from the GEM Listed Companies

以2012—2018年创业板上市公司数据为研究样本,从机构投资者影响公司治理内在机制的角度出发,探究了机构持股、创新投入与企业绩效之间的关系以及创新投入在机构投资者影响企业绩效过程中的中介效应。研究发现,机构投资者持股能够有效提升企业绩效,创新投入在两者之间发挥了不完全中介作用,即机构投资者对企业绩效的改善作用部分是通过促进创新投入来实现的。进一步研究发现,与交易型机构投资者相比,稳定型机构投资者参与公司生产经营决策的积极性更高,对创新投入和企业绩效的影响更显著。

Based on the data of GEM listed companies from 2012 to 2018,we examine the relationship among institutional ownership,innovation input and corporate performance from the perspective of how institutional investors influence corporate governance.We also explore the intermediary effect of innovation input in the process of institutional investors'influence on corporate performance.The study finds that institutional investors'ownership has a significantly positive correlation with corporate performance,and innovation investment plays an incomplete intermediary role between them,that is,the improvement of corporate performance by institutional investors is partly achieved by promoting innovation input.Further research shows that compared with unstable institutional investors,stable institutional investors are more able to participate in the company's production and operation decision-making actively,and have a more significant impact on innovation investment and corporate performance.