金融学院知识库

摘  要

  随着我国资本市场发展进入新阶段，机构投资者依靠其较强的专业背景和资源优势，更加广泛地参与到企业的经营活动和发展决策中。研发创新是一项关乎企业长远发展的重要投资行为,同时机构投资者的参股又会影响企业的投资决策, 因此机构投资者与企业研发创新之间存在一定的联系。并且不同类型的机构投资者对企业研发创新的促进效果也不同，受到多方面因素的影响。因此，探讨机构投资者持股与企业创新能力之间的关系就成为学术界长期以来关注的重要问题。

  本文将从行业角度出发，以2015—2019为时间轴，选择沪深A股市场四个行业的上市公司作为样本，通过构建负二项回归模型、OLS回归模型以及门限回归模型，实证研究了机构投资者异质性和上市公司创新能力关系的三方面问题。第一，企业引入不同类型机构投资者会对企业创新产生何种作用？第二，不同类型机构投资者的持股比例与上市公司研发投入之间的关系？第三，机构投资者持股比例是否具有门限效应？本文通过构建回归模型实证检验后得出以下结论：（1）不论是独立型机构投资者还是非独立型机构投资者持股都可以提高企业的创新能力。（2）独立型机构投资者持股比例与研发投入呈正相关关系，持股比例越高，企业研发投入越大。（3）非独立型机构投资者的持股比例与研发投入之间存在负相关关系。（4）非独立型机构投资者持有公司股权存在门槛效应。最后基于实证结论，提出如下政策建议：从机构投资者角度出发，机构投资者要转变投资理念，积极参与公司经营治理。从企业角度出发，企业应当积极引入不同类型机构投资者，消除内部障碍,实现信息透明；提高独立型机构投资者的参股比例，要充分利用非独立型机构投资者在影响企业研发投入方面存在的门槛效应，在积极引入非独立型机构投资者参股的同时，也要注意把握其持股比例；从国家层面出发，加大支持力度,鼓励机构投资者发展；同时完善法制建设,通过制定相关政策、加强监管力度等手段,引导投资行为,抑制投机行为,改善资本市场的投资环境。

Abstract

     As the development of my country's capital market enters a new stage, institutional investors closely follow the trend and rely on their strong professional background and resource advantages to participate more widely in the business activities and development decisions of enterprises. R&D innovation is an important investment behavior related to the long-term development of a company. At the same time, the participation of institutional investors will affect the company's investment decisions. Therefore, there is a certain connection between institutional investors and corporate R&D innovation. Different institutional investors have different effects on the promotion of enterprise R&D and innovation, and different classification standards also affect the role played by certain institutional investors in the process of enterprise R&D and innovation to a certain extent. Therefore, it is an inevitable topic to explore the relationship between institutional investor holdings and corporate innovation capabilities.

     This article will start from the industry perspective, take 2015-2019 as the time axis, select listed companies in the Shanghai and Shenzhen A-share markets as samples, and construct a negative binomial regression model, an OLS regression model, and a threshold regression model to empirically study institutions There are three issues concerning the relationship between investor heterogeneity and the innovation capability of listed companies. First, what effect will the introduction of different types of institutional investors in companies have on corporate innovation; second, the shareholding ratios of different types of institutional investors and listed companies The relationship between R&D investment; thirdly, whether the shareholding ratio of institutional investors has a threshold effect, after the robustness test of the data, the following conclusions are drawn: (1) Whether it is an independent institutional investor or a non-independent institutional investor Holding shares can improve the innovation capability of a company. (2) The shareholding ratio of independent institutional investors is positively correlated with R&D investment. The higher the shareholding ratio, the greater the company's R&D investment. (3) There is a negative correlation between the shareholding ratio of non-independent institutional investors and R&D investment. (4) There is a threshold effect for non-independent institutional investors holding company equity. Finally, based on empirical conclusions, the following policy recommendations are put forward: From the perspective of institutional investors, institutional investors should change their investment concepts and actively participate in corporate governance. From the perspective of enterprises, enterprises should actively introduce different types of institutional investors, eliminate internal barriers, and achieve information transparency; increase the shareholding ratio of independent institutional investors, and make full use of non-independent institutional investors in affecting corporate R&D investment. Threshold effect, while actively introducing non-independent institutional investors to participate in shares, we must also pay attention to grasping their shareholding ratio; starting from the national level, increase support to encourage institutional investors to develop; at the same time, improve the legal system and formulate relevant policies , Strengthening supervision and other means to guide investment behavior, curb speculation, and improve the investment environment of the capital market.