机构共同持股能促进企业创新吗?--基于融资约束的视角

Can Institutional Joint Ownership Promote Enterprise Innovation?—From the Perspective of Financial Constraints

机构共同持股作为资本市场上的一股新兴投资力量,对企业的高质量发展具有不可忽视的作用。本文探讨机构共同持股对企业创新的影响,通过2010—2020年我国上市公司数据实证分析,结果表明:(1)机构共同持股对企业创新具有显著的促进作用。(2)融资约束在机构共同持股对企业创新的影响中起到中介作用。(3)产品市场竞争和高管股权激励在机构共同持股对企业创新的影响中起到正向调节作用。(4)在异质性分析中发现,机构共同持股对企业创新产出的促进效果在民营企业、高科技企业中更明显;机构共同持股对企业创新投入的促进效果在民营企业和高科技企业中都显著。最后提出了相应的政策性建议。

As an emerging external governance force,institutional joint ownership can promote the realization of high-quality development of enterprises.Using the data of Chinese listed companies from 2010 to 2020,this paper finds that institutional joint ownership plays a significant role in promoting enterprise innovation.Financial constraints play an intermediary role in the impact of institutional joint ownership on enterprise innovation.Product market competition and executive equity incentive play a positive regulatory role in the impact of institutional joint ownership on enterprise innovation.Further heterogeneity analysis shows that the promotion effect of institutional co ownership on enterprise innovation output is more obvious in private enterprises and high-tech enterprises.The promotion effect of institutional joint ownership on enterprise innovation investment is significant in private enterprises and high-tech enterprises.This paper explores the realization mechanism and micro basis of institutional joint ownership affecting enterprise innovation,and the research conclusions provide reference guidance and suggestions for promoting enterprise innovation.