摘要
在以技术创新为核心的经济高质量发展战略背景下,作为资本市场专业的机构投资者如何关注公司的创新战略方向对公司在金融市场上的投融资活动举足轻重。文章基于2007—2019年A股上市公司发明专利分类号数据,构造衡量公司创新战略差异的创新专注度指标,研究公司创新专注度与机构投资者持股决策的关系。结果发现,公司创新专注度越高,机构投资者持股家数越多、持股比例越高。机制分析表明,公司创新专注度越高,其盈利能力越强、破产风险越低,也更易被市场低估,具有更高的盈余意外和超额预期收益以及较低的波动率风险。进一步,使用开放式主动偏股型公募基金的股票持仓数据构造了基金持股组合的创新专注度变量和基金业绩衡量指标,研究发现,基金组合创新专注度越高基金未来业绩表现越好,说明“聪明钱效应”是机构投资者偏好持有创新专注度较高公司的主要动机。文章的经验证据有助于理解公司创新战略差异与机构投资者持股决策的关系,对公司调整创新战略吸引资本具有重要现实意义。
Innovation strategies play an important leading role in a company’s technological innovation process,and the in⁃novation strategies preferred by different companies vary significantly.The identification of innovation strategy differences usually requires the analysis of unstructured non-financial information such as company product types and technology pat⁃ents,and the average market investor is generally not capable of correctly processing this complex information in a timely manner.It was found that the superior understanding of information related to technological innovation of companies by invest⁃ment managers of professional institutions enables them to select undervalued outperforming stocks and thus achieve better in⁃vestment performance,so institutional investors have the ability and will spend some cost to process and understand this in⁃formation.However,there is little literature on whether institutional investors pay attention to differences in firm innovation strategies when making investment decisions.This paper explores the relationship between firm innovation focus and institu⁃tional investors’stock ownership decisions by constructing an innovation focus indicator that measures differences in firm in⁃novation strategies.Based on the data of invention patent classification numbers of A-share listed companies from 2007 to 2019,this paper constructs an innovation focus index to measure the differences of companies’innovation strategies and investigates the rela⁃tionship between companies’innovation focus and institutional investors‘shareholding decisions.The results find that the higher the innovation focus of a company,the more the number of institutional investors’shareholdings and the higher the shareholding ratio.The mechanism analysis shows that the higher the innovation focus of a company,the more profitable it is,the lower the risk of bankruptcy,and the more likely it is to be undervalued by the market,with higher surplus surprises and excess expected returns and low
作者
王志强
杨高飞
熊海芳
Wang Zhiqiang;Yang Gaofei;Xiong Haifang
出处
《南方经济》
CSSCI
北大核心
2023年第7期42-62,共21页
South China Journal of Economics
基金
国家自然科学基金面上项目(71873023)“股市极端波动中流动性螺旋的微观机制与治理研究”
2022年度辽宁省教育厅基本科研项目(LJKMR20221589)“机构投资者对上市公司质量实际影响的同群效应研究”资助。
关键词
机构投资者
创新战略
创新专注度
聪明钱效应
nstitutional Investors
Innovation Strategy
Innovation Focus
Smart Money Effect
