机构投资者调研、内部控制对企业创新绩效的影响——互补抑或替代?

Influence of Institutional Investors'Site Visit and Internal Control on the Enterprise's Innovation Performance:Complementary or Alternative?

创新是科技发展、经济升级的源动力,企业的创新能力受内外部治理机制的影响.本文以2012-2019年沪深两市A股上市公司为研究对象,考察机构投资者调研与内部控制对企业创新绩效的交互效应.研究发现:(1)机构投资者调研与内部控制在促进企业创新绩效过程中存在替代效应;(2)卖方机构投资者调研与内部控制的替代效应比买方机构投资者调研的替代效应更强;(3)这种替代效应在国有企业中不存在.本文拓展了企业内外部治理机制交互效应的研究,对提高创新效率和优化资源配置具有重要意义.

Innovation is the source of technological advancement and economic upgrading.The innovation ability of enterprises is affected by the internal and external governance mechanism.By selecting Chinese A-share listed companies from 2012 to 2019 as samples,this paper examines the interaction between institutional investors'site visit and internal control on the innovation performance of enterprises.The results show that institutional investors'site visit and internal control have substitution effect in promoting enterprise's innovation performance.Moreover,the substitution effect of seller's investors'site visit and internal control is more obvious than buyer's,and there is no substitution effect in state-owned enterprises.The conclusion expands the study on the interaction between internal and external governance mechanism,and has important practical significance for enterprises to improve the efficiency of innovation activities and optimize the allocation of resources.