摘要
创新是企业生存和发展的决定性要素,由于研发活动的特殊性质,资金供求双方信息不对称和代理问题会随之产生,而解决此类问题的重要手段之一是发展合格境外机构投资者。基于2007-2019年中国沪深A股上市公司数据,研究合格境外机构投资者与企业创新投入之间关系,实证结果显示:合格境外机构投资者持股以及持股制衡度提升均可促进企业创新投入;在外部环境动荡的现实背景下,引入环境不确定性水平作为调节变量,发现环境不确定性增强会抑制合格境外机构投资者对企业创新投入的促进作用;进一步研究合格境外机构投资者促进企业创新投入的内在机理,发现合格境外机构投资者可以通过缓解企业的融资约束进而增加企业创新投入。因此,应吸引和鼓励合格境外机构投资者对企业进行长期投资,便利投资者投资运作,使其更有动力参与公司治理,促进资本市场健康发展。
Innovation is a decisive element for the survival and development of an enterprise.Due to the special nature of R&D activities,information asymmetry and agency problems will arise between the supply and demand of funds.One of the important means to solve such problems is to develop QFII.Selecting the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2019 to study the relationship between QFII and corporate innovation input,the empirical results found that:QFII holdings and increased QFII holdings and checks and balances can promote corporate innovation input;the reality of turbulent external environment In the context,the introduction of environmental uncertainty level as a moderating variable found that increased environmental uncertainty would inhibit the role of QFII in promoting corporate innovation investment;secondly,we further studied the internal mechanism of QFII promoting corporate R&D investment and found that QFII can ease corporate financing Constraints then increase innovation input.
作者
刘烨
孟函彤
LIU Ye;MENG Han-tong
出处
《产经评论》
CSSCI
北大核心
2022年第2期39-52,共14页
Industrial Economic Review
基金
中央高校基本科研业务费资助项目“东道国政治风险对中国跨国企业对外投资绩效的影响:机制及条件”(项目编号:N2006003,项目负责人:杜晓君)。
