“国家队”持股与企业创新投资决策

"National Team"Shareholding and Firms’Innovation Decisions

本文运用2013—2017年沪、深两市A股上市公司数据研究发现,"国家队"持股显著增加企业创新投资,这种正向影响通过缓解企业创新的融资约束和降低委托代理的成本两个渠道发挥作用。本文使用工具变量法、基于倾向得分匹配法的双重差分和安慰剂检验缓解内生性问题,证明"国家队"持股与企业创新投资决策之间的因果关系,并进一步做横截面检验,分情况研究影响的差异性。研究表明,"国家队"通过直接持股带来的投资及其信号作用和治理作用显著地影响企业的实际投资决策,即"国家队"持股除危机救市的职能外,还对企业的创新投资决策有积极作用。

Institutional investors are representatives of rational investors in the market,with the motivation and ability to participate in company decision-making process.In 2011,a special type of institutional investor appeared in Chinese capital market,known as the"National Team".Using 2013—2017 A-share listed companies in Shanghai and Shenzhen as samples,this study found that the"National Team"shareholdings significantly increased corporate innovation.After using the instrumental variable method,PSM-DID,and placebo test to alleviate the endogenous problems,this paper proved the causal effect between two main variables.On the one hand,the"National Team"shareholdings reduced information asymmetry and attracted investors’investment through direct investment and indirect information transmission and signaling,which expanded the scale of corporate financing,lowered financing costs,and eased the financing constraints.On the other hand,the long-term shareholding and monitoring role of the"National Team"prompted managers to focus on the long-term earnings and avoid being affected by short-term performance pressure,which alleviated the agency conflict between the owner and the manager.Further,this article examined whether the relationship between two main variables was different in some cases,and the result showed that the relationship was more significant in the sample with lower information transparency,higher concentration of equity,non-big 4 audits and higher marketization.The study showed that although the"National Team"played a key role in the rescue of the crisis,its significance was not limited to this.The investment brought by the"National Team"affected the actual investment decisions of enterprises,and was good for the long-term development.The conclusion also has profound policy guidance:Firstly,this market-oriented approach is a rational means of government intervention in the economy.Secondly,when the government formulates policies to intervene in the economy,it is necessary not only to consider the immediate benefits,but also to have a development perspective to long-term effects.Thirdly,the conclusion of this article also proposes a possible way to stimulate the innovation vitality of enterprises.Finally,policy makers should realize that a good marketization environment is required so they must continue to accelerate the marketization process and promote market development.