机构投资者与企业研发投入关系研究——基于信息传输、软件和信息技术服务业的分析

Research on relationship between institutional investors and investment of enterprises——Based on analysis of information transmission, software and information technology services

针对机构投资者与企业研发投入关系的问题,采用实证研究的方法,选取2011-2015年信息传输、软件和信息技术服务业作为研究样本,分析了不同股权性质下,机构投资者与研发投入的关系以及不同类型的机构投资者与研发投入的关系。研究结果表明:机构投资者能够积极地促进企业的研发投入;就股权性质而言,国有控股企业中机构投资者较非国有控股企业更能促进企业的研发投入;就机构投资者特质而言,压力抑制型的机构投资者比压力敏感型的机构投资者更能促进企业的研发投入。

Aiming at the problem of the relationship between institutional investors and R&D investment of enterprises,this paper adopts the method of empirical research,selects information transmission,software and information technology services from 2011 to 2015 as research samples,and analyzes the relationship between institutional investors and R&D investment and the relationship between different types of institutional investors and R&D investment under different equity properties.The research results show that institutional investors can actively promote the R&D investment of enterprises.The equity nature of state-owned holding enterprises institutional investors than non state-owned holding enterprises can promote the enterprise’s R&D investment;institutional investors characteristics,pressure suppression of institutional investors can promote the corporate R&D investment more than pressure sensitive institutional investors.