摘要
提升企业创新质量是落实创新驱动发展战略进而推动经济高质量发展的根本动力。本文以2007—2016年沪深A股上市公司为样本,实证检验了机构持股对企业创新质量的影响,并识别了其作用机制。结果发现:机构持股对企业创新质量有显著促进作用,在控制了内生性等问题后结论依然成立;在将机构投资者进行长短期和主被动分类后发现,长期机构投资者、主动机构投资者对企业创新质量提升具有促进作用,而短期机构投资者、被动机构投资者对企业创新质量无显著影响;机构投资者会通过缓解融资约束促进企业创新质量提升。
Improving the quality of corporate innovation is the fundamental driving force for implementing the innovation-driven development strategy to achieve high-quality economic development.This paper used the Shanghai and Shenzhen A-share listed companies from 2007 to 2016 as a sample to empirically test the impact of institutional shareholding on the quality of corporate innovation and identify the mechanism of action.The results showed that,institutional shareholding played a significant role in promoting the quality of corporate innovation,and the conclusion was still valid after controlling endogenous issues.Besides,after categorizing institutional shareholdings from the perspectives of term and initiative,we found that,long-term institutions and positive institutions could promote the improvement of innovation quality,while short-term institutions and negative institutions had no significant impact on innovation quality.Moreover,institutional shareholding had promoted the quality of enterprise innovation by alleviating financing constraints.
作者
李仲泽
LI Zhong-ze(School of Business,Nanjing University,Nanjing 210008,China)
出处
《山西财经大学学报》
CSSCI
北大核心
2020年第11期85-98,共14页
Journal of Shanxi University of Finance and Economics
关键词
机构投资者
持股期限
投资策略
创新质量
融资约束
institutional investors
holdings terms
investment strategies
innovation quality
financing constraints
