机构投资者持股与企业创新行为--基于Meta分析的研究

Institutional Investor Shareholding and Corporate Innovation Performance——A Study Based on Meta-analysis

机构投资者在企业治理中扮演着外部监管者的角色,但其外部监管的有效性受到诸如机构投资者特性、企业内部治理以及外部环境等因素的影响。在实践中,机构投资者持股究竟对企业创新行为产生何种影响,这一问题一直未达成共识。本文采用Meta分析法对57篇相互独立的中英文实证文献进行实证分析。结果显示:(1)机构投资者持股能促进企业创新行为,并且对于创新产出的促进作用大于创新投入;(2)机构投资者类型、产权属性对机构投资者持股与企业创新行为的关系有调节作用;(3)国家发达程度对机构投资者持股与企业创新行为的关系有负向调节作用,并且,国家发达程度的负向调节作用存在于机构投资者持股与创新产出的关系中,在机构投资者持股与创新投入的关系中则不显著。这表明机构投资者持股有效地促进了企业创新,尤其是对中国等发展中国家的促进作用更为明显。研究结果丰富和细化了资本市场作用于企业创新路径的相关研究,尽可能呈现了机构投资者持股对企业创新行为作用的全貌,得到了相对可靠的结论,对后续研究的深入有启发作用,同时对企业创新活动具有一定指导意义。

Institutional investors play the role of external regulators in corporate governance,but the effectiveness of such regulation is influenced by the factors of characteristics of institutional investors,internal corporate governance,and the external environment.In practice,there has been no consensus on how institutional investors'shareholding affects firms'innovative behaviour.Therefore,this study conducts a Meta-analysis with a sample of 57 independent Chinese and English empirical literatures.The results show that:(1)institutional investors'shareholding can promotes firms'innovation behaviour,and has a greater effect on innovation output than innovation input;(2)the relationship between institutional investors'shareholding and firms'innovation behaviour is moderated by the type of institutional investors and property rights attributes;(3)the relationship between institutional investors'shareholding and firms'innovation behaviour is negatively moderated by the degree of country development,and the the negative moderating effect is found in the relationship between institutional investor shareholding and innovation output,but is not significant in the relationship between institutional investor shareholding and innovation input.This suggests that institutional investor shareholding effectively contributes to the efficiency of firm innovation,especially for developing countries such as China.This paper enriches and refines the research on the role of capital markets in the innovation path of firms,present the full picture of the role of institutional investors'shareholding on firms'innovation behaviour as far as possible,and obtains relatively reliable conclusions,which are enlightening for subsequent studies and also provide some guidance for firms'innovation activities.