摘要
以2007—2020年中国沪深A股上市企业的数据,从研发投入和专利申请两个维度实证分析了机构持股对企业创新的作用和传导路径。研究发现,机构投资者持股显著促进了全样本企业的专利申请,而对研发投入有不显著的正效应。机构异质性对企业创新产生了不同的影响,独立机构投资者对企业创新有着显著的促进作用,灰色机构投资者仅对企业专利申请有正向影响但明显低于前者,并且机构持股对国有企业创新的影响程度均高于民营企业。独立机构投资者持股增加时,国有企业融资约束缓解对专利申请的促进效应大于民营企业;融资约束在独立机构持股对企业研发投入的影响中发挥了中介效应,但这种关系仅存在于民营企业中。
Based on the data of A-share listed companies from 2007 to 2020,this paper analyzes the relationship between institutional investors and enterprise innovation from R&D investment and patent application.The results show that:In all the enterprises,institutional investors significantly promote the patent application,but have no significant positive effect on R&D investment.Institution heterogeneity has different impacts on enterprise innovation.Independent institutional investors have a significant promoting effect on enterprise innovation,while grey institutional investors only have a positive impact on patent application.The impact of institutional shareholding on innovation of state-owned enterprises is higher than that of private enterprises.When the ownership of independent institutional investors increases,the promoting effect of easing financing constraints on patent application in state-owned enterprises is higher than private enterprises;Financing constraints play a mediating role in the influence of independent institutional ownership on R&D investment,however,this relationship only exists in private enterprises.
作者
安志勇
任洁
贺雪瑞
郝芳静
AN Zhi-yong;REN Jie;HE Xue-rui;HAO Fang-jing(Shandong Technology and Business University,Yantai 264005,China)
出处
《山东工商学院学报》
2023年第3期23-35,共13页
Journal of Shandong Technology and Business University
基金
山东省重点研发计划(软科学项目)一般项目“大数据金融背景下保险公司金融风险态势感知及防范研究”(2020RKB01556)
山东计算机学会省重点实验室联合开放基金“基于大数据深度学习的金融风险态势感知”(SKLCN-2020-06)
山东工商学院博士科研启动基金“利益协同效应下保险公司治理效应研究”(BS202022)。
关键词
机构投资者
企业创新
企业专利申请
企业研发投入
融资约束
institutional investors
enterprise innovation
enterprise patent application
enterprise R&D investment
financing constraints
