机构投资者网络团体与企业创新

Institutional Investors’Network Groups and Enterprise Innovation

本文以2009—2020年沪深A股非金融上市公司为研究样本,考察了机构投资者网络团体如何影响企业创新。研究发现,机构投资者网络团体可以促进企业创新。影响机理检验证实,机构投资者网络团体通过发挥包容效应、资源效应和监督效应对企业创新产生积极影响。当管理者任期较短、数字金融发展水平较差与媒体关注程度较低时,机构投资者网络团体对企业创新的作用更加显著。本文的发现丰富了机构投资者网络团体的经济效果与企业创新影响因素的研究,也为完善机构投资者治理机制设计、助力企业高质量发展提供了经验依据。

This paper takes Shanghai and Shenzhen A-share listed non-financial companies from 2009 to 2020 as a research sample to investigate how institutional investors’network groups affect enterprise innovation.The study finds that institutional investors’network groups can promote enterprise innovation.The impact mechanism test confirms that institutional investors’network groups have a positive impact on enterprise innovation by means of the inclusive effect,resource effect and supervision effect.When the tenure of managers is short,the development level of digital finance is poor and the media attention is low,the role of institutional investors’network groups on enterprise innovation is more significant.The findings of this paper enrich the research on the economic effects of institutional investors’network groups and the influencing factors of enterprise innovation,and provide an empirical basis for improving the design of institutional investors’governance mechanism and helping enterprises develop with high quality.