摘要
利用中国A股上市公司数据,基于区域异质性,研究境内外机构投资者持股对企业创新能力的影响。研究发现,在我国现行制度下,相比于境内机构者,境外机构投资者(QFII)更能推动企业创新能力的提高。进一步的研究发现QFII通过以下三条路径对企业创新能力产生影响:一是QFII风险承受能力更强;二是QFII能够促进高创新能力水平国家的知识溢出;三是QFII对所投资企业实施更有效的监督。研究结论对QFII制度的未来发展以及如何更有效地提高企业创新能力具有一定的启示意义。
Based on China’s A-share listed companies’data and regional heterogeneity,this paper studies the impact of domestic and foreign institutional investors’shareholding on the innovation ability of enterprises.It finds that under the current system of China,compared with domestic institutional investors,foreign institutional investors(QFII)are more able to promote the improvement of enterprises’innovation ability.Further research finds that QFII impacts on the innovation ability of enterprises through three ways:first,QFII has stronger risk tolerance;second,QFII can promote knowledge spillover in countries with high innovation ability;third,QFII can supervise the invested enterprises more effectively.The conclusion of this paper has certain enlightenment significance to the future development of QFII system and how to improve the innovation ability of enterprises more effectively.
作者
姜君臣
王满
马影
JIANG Junchen;WANG Man;MA Ying(School of Accounting,Dongbei University of Finance and Economics,Dalian Liaoning 116025)
基金
国家社会科学基金项目“不同商业模式下管理会计工具综合应用与企业创新绩效研究”(19BGL066)
黑龙江省哲学社会科学研究规划项目“财务柔性中介路径下政企关联对东北民营企业创新的影响研究”(19GLE322)。
关键词
异质性
机构投资者
QFII
创新能力
Heterogeneity
Institutional Investors
QFII
Innovation Capability
