联合调研网络与企业创新投入--基于机构投资者实地调研的经验证据

Joint Recacearches on Network and Corporate Innovation Investment:Baped on the Empirical Evidences from Institutional Investors,Field Rescarches

以2013—2018年深交所A股上市公司为研究对象,通过分析机构投资者联合调研网络的治理机制,检验了被调研公司的信息网络位置与创新投入之间的关系。研究发现:机构投资者联合调研网络中心度越高,其调研的公司创新投入越大,且上述关系在信息环境越差、代理成本高的公司中更为显著。进一步分析发现:机构投资者联合调研网络能够提高被调研公司的信息透明度、约束管理层的自利行为和缓解融资约束。

Taking the A-share companies listed in Shenzhen Stock Exchange from 2013 to 2018 as the research objects,this paper aoalyzes the govermance mechanism of the institutional investors'joint research on network and examines the relationship between the information network location of the companies under research and the innovation investment.The findings of the study show that the higher the centrality of the institutional investors'joint research on network,the greater the invest-ment in inovation of the companies under investigation.And the above relationship is more signifi-cant in companies with worse information environment and higher agency costs.It is found through further analysis that the institutional investors’joint research network can not only improve the infor-mation transparency of the companies under survey,but also restrain the self-interested bchaviors of the management and case the financing constraints.