共同机构所有权对企业研发投入的影响研究

Research on the impact of common institutional ownership on enterprise R&D investment

随着机构投资者在我国资本市场持股规模不断扩大,共同机构所有权现象越来越多,对企业研发创新产生了重要影响。文章使用理论分析和实证研究法研究了共同机构所有权对企业研发投入的影响,结果显示:随着共同机构投资者数量和持股比例的增加,企业的研发投入越来越高,给予管理层持股能够增强共同机构所有权,提升企业研发投入的效果。文章为促进企业研发投入,持续扩大我国资本市场机构投资者规模,优化投资者结构提供了证据支持。

With the expansion of institutional investors’shareholding in China’s capital market,the phenomenon of joint institutional ownership is increasing,which has a significant impact on enterprise R&D innovation.The article uses theoretical analysis and empirical research methods to study the impact of joint institutional ownership on enterprise R&D investment.The results show that with the increase in the number and shareholding ratio of joint institutional investors,enterprise R&D investment is becoming higher and higher.Giving management ownership can enhance the effectiveness of joint institutional ownership and enhance enterprise R&D investment.This research provides evidence support for promoting enterprise R&D investment,continuously expanding the scale of institutional institutional investors in China’s capital market,and optimizing the investor structure.