异质机构投资者与企业创新能力——基于境内外机构投资者的实证检验

Heterogeneous Institutional Investors and Enterprise Innovation Capabilities--An Empirical Test Based on Domestic and Foreign Institutional Investors

利用中国A股上市公司数据,基于区域异质性,研究境内外机构投资者持股对企业创新能力的影响。研究发现,在我国现行制度下,相比于境内机构者,境外机构投资者(QFII)更能推动企业创新能力的提高。进一步的研究发现QFII通过以下三条路径对企业创新能力产生影响:一是QFII风险承受能力更强;二是QFII能够促进高创新能力水平国家的知识溢出;三是QFII对所投资企业实施更有效的监督。研究结论对QFII制度的未来发展以及如何更有效地提高企业创新能力具有一定的启示意义。

Based on China’s A-share listed companies’data and regional heterogeneity,this paper studies the impact of domestic and foreign institutional investors’shareholding on the innovation ability of enterprises.It finds that under the current system of China,compared with domestic institutional investors,foreign institutional investors(QFII)are more able to promote the improvement of enterprises’innovation ability.Further research finds that QFII impacts on the innovation ability of enterprises through three ways:first,QFII has stronger risk tolerance;second,QFII can promote knowledge spillover in countries with high innovation ability;third,QFII can supervise the invested enterprises more effectively.The conclusion of this paper has certain enlightenment significance to the future development of QFII system and how to improve the innovation ability of enterprises more effectively.