摘要
基于2007～2017年沪深A股上市公司数据,构建线性回归模型实证检验机构投资者与企业创新关系,结果显示,机构投资者对企业创新的影响是显著的,影响的路径是干预管理层变动、左右董事会决议。进一步分析发现,战略型机构投资者促进企业创新,财务型机构投资者遏制企业创新。究其原因,战略型机构投资者有利于降低管理层人员流失风险,提升董事会决策效率,而财务型机构投资者会增加管理层流失,降低董事会决策效率。上市企业应当积极引入高质量的机构投资者,鼓励专业的机构参与公司的创新决策,但同时也要积极防范门口的"野蛮人"。
This study uses data from A-share companies listed on the Shanghai and Shenzhen stock markets from 2007 to 2017 to establish a linear regression model in order to empirically test the relationship between institutional investors and businesses.The results show that institutional investors have a significant effect on business innovation,and the path through which this influence is exerted is intervention at the management level and affecting board decisions.Further analysis found that strategic institutional investors encouraged business innovation,and that financial institutional investors inhibited business innovation.This is because strategic institutional investors are conducive to reducing the risk of management staff turnover and improving the efficiency of board decision-making,while financial institutional investors cause increased management turnover and reduce the efficiency of board decision-making.Listed companies should actively introduce high-quality institutional investors,and encourage professional institutions to participate in the company′s innovation decision-making,while also actively guarding against "barbarians" at the door.
作者
许长新
杨李华
Xu Changxin;Yang Lihua(Hohai University Business School,Nanjing.,Jiangsu 211100,China)
出处
《金融经济学研究》
CSSCI
北大核心
2018年第6期67-78,共12页
Financial Economics Research
基金
国家社会科学基金项目(14CJL010)
关键词
机构投资者
企业创新
管理层变动
董事会决议
institutional investors
business innovation
management changes
board decision making
