上市公司技术创新与异质性机构投资者持股偏好

Technology Innovation of Listed Company and Ownership Preference of Heterogeneous Institutional Investors

基于中国上市公司数据,研究了上市公司技术创新与异质性机构投资者持股偏好之间的关系。结果发现:机构投资者能够关注到公司技术创新能力与表现,并对创新型公司股票具有显著的持股偏好。多种稳健性检验后的结果进一步表明:独立型机构投资者更具有创新型公司持股偏好,国内机构投资者和长期专注型机构投资者的创新型持股偏好更强;技术创新能力和产出表现更好的公司具有更好的财务绩效和更高的超额回报。我国证券市场的机构投资者已经能够识别和利用公司的技术创新表现,进而对创新型公司的股票青睐有加。

Based on the data of listed companies in China,this paper studies on the relationship between technology and innovation of listed compny and ownership preference of heterogenous intitutional investors.The results show that institutional investors focus on the company′s technological innovation capabilities and performance and have significant shareholding preferences for innovative companies.The results of various robust tests further indicate that independent institutional investors have more innovative corporate shareholding preferences.Domestic and long-term institutional investors pay more attention to innovative companies.Companies with better technological innovation capabilities and performances have better financial performances and higher excess returns.Institutional investors in China′s securities market are able to identify and utilize the company′s technological innovation performance,which in turn has the preference on the innovative company stocks.