机构投资者有限关注与公司创新

Institutional Investors Limited Attention and Corporate Innovation

外源冲击导致机构投资者部分持仓公司的股价发生大幅波动,致使其对该类公司关注增加并相应减少对其他公司的关注,进而对关注度降低的公司形成机构投资者有限关注。本文以2003—2019年沪深A股上市公司为样本,探究机构投资者有限关注对公司创新的影响及其内在机理。研究发现,机构投资者有限关注通过减少机构投资者实地调研,削弱减持股份的威慑,进而抑制了机构投资者关注度下滑公司的创新。进一步研究发现,上述负向影响主要表现在实质性创新上,对策略性创新的影响并不显著。此外,该负向影响在公司治理较差、国有产权、顺周期行业以及法治环境较差地区的企业中更明显。本研究揭示了机构投资者有限关注对公司创新的抑制作用及其内在机制,对优化公司创新以及推动机构投资者发展均具有一定的参考意义。

External shocks cause significant volatility in the stock prices of some firms owned by institutional investors,which makes them focus more on these firms and neglect others,resulting in limited attention from institutional investors to the firms that receive less attention.Using A-share listed firms in Shanghai and Shenzhen from 2003 to 2019 as samples,this paper examines the effect of institutional investors limited attention on firm innovation and its underlying mechanism.We find that institutional investors limited attention diminishes the innovation of the firms with declining attention from institutional investors by decreasing institutional investors'site visits and reducing the threat of share sell-off.Further analysis shows that the above negative effect is mainly manifested in substantive innovation,while the effect on strategic innovation is not significant.Moreover,the negative effect is more pronounced in firms with poor corporate governance,state ownership,pro-cyclical industries,and regions with weak legal environment.In summary,this study reveals the inhibitory effect of institutional investors limited attention on firm innovation and its mechanism,which has implications for enhancing firm innovation and promoting the development of institutional investors.