机构投资者持股、双元创新与企业价值——基于优化营商环境视角的分析

Institutional Investor Shareholding, Dual Innovation and Enterprise Value——Analysis from the Perspective of Optimizing Business Environment

优化营商环境对企业的发展至关重要。本文基于营商环境视角,选取2013-2019年创业板和科创板上市公司为研究对象,研究机构投资者持股、双元创新与企业价值之间的关系。研究发现,机构投资者持股对探索式创新和企业价值均存在显著正向影响,并且排除了机构投资者出于短视动机提升企业价值的路径。通过中介检验发现:探索式创新是机构投资者持股影响企业价值的间接渠道。此外,优化营商环境下,机构投资者持股通过探索式创新影响企业价值的作用更强。进一步研究发现:稳定型机构投资者比交易型机构投资者对提升企业价值的影响更大。基于此,应进一步优化营商环境的规章制度、完善市场监管和信息披露制度,提高企业创新能力。

Optimizing business environment is crucial to the development of enterprises. Based on the perspective of business environment, this paper selects the GEM and Science and Technology Innovation Board listed enterprises from 2013 to 2019 as the research object to study the relationship between institutional investors holding, ambidextrous innovation and enterprise value. The study finds that institutional investors holding has a significant positive impact on exploratory innovation and enterprise value, and excludes the path of institutional investors short-sighted motivation to enhance enterprise value. Through the intermediary test, it is found that exploratory innovation is an indirect channel for institutional investors to influence enterprise value. In addition, under the optimized business environment, the indirect effect of institutional investors holding on enterprise value through exploratory innovation is stronger. Further research finds that stable institutional investors have a greater impact on enhancing enterprise value than transactional institutional investors. Based on this, we should further improve the rules and regulations to optimize the business environment and improve market supervision and information disclosure system to improve enterprise innovation ability.