异质机构投资者与企业技术创新——基于不同期限机构投资者的实证检验

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摘要根据流动性特征,本文将机构投资者分为长期与短期机构投资者,分别考察它们对企业技术创新的影响。研究发现:①机构投资者持股能够显著提高企业技术创新水平,长期机构投资者与短期机构投资者对企业技术创新的作用存在差异,长期机构投资者对企业技术创新的促进作用要明显强于短期机构投资者;②“短视论”不能解释机构投资者的投资行为,机构投资者通常选择长期投资策略,更偏向投资盈利能力强、规模较大、成长能力强的企业,而不偏向于股权集中度较高、偿债能力弱的企业。

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	洪敏
	张涛
	王广凯

关键词 ：异质机构投资者, 企业技术创新, 倾向得分匹配

Abstract：According to characteristics of liquidity,institutional investors are divided into long-term institutional investors and short-term institutional investors,and their influence on technology innovation is investigated respectively.It turns out that:①institutional investors can significantly improve the level of enterprises' technology innovation,and there are differences in the role of long-term institutional investors and short-term institutional investors on innovation;long-term institutional investors have a higher effect on technology innovation than short-term institutional investors;②“short-sighted theory”cannot explain the investment behavior of institutional investors;institutional investors usually choose a long-term investment strategy,prefer to invest in enterprises with large scale,strong profitability and growth ability,rather than enterprises with higher concentration and better solvency.

Key words： Heterogeneous institutional investors Enterprise technology innovation Propensity score matching

收稿日期: 2017-08-11

PACS:

F224.0

基金资助:国家社会科学基金青年项目“宏观经济组合预测方法研究及其应用平台开发”(12CTJ011),湖南省教育厅一般项目“技术选择视角下湖南产业结构升级与经济增长机制研究”(14C0307)。

作者简介: 洪敏(1989-),男,湖南衡阳人,经济学博士研究生,讲师;研究方向:技术创新、公共政策。

引用本文:

洪敏,张涛,王广凯. 异质机构投资者与企业技术创新——基于不同期限机构投资者的实证检验[J]. 中国科技论坛, 2018(5): 57-70.
Hong Min,Zhang Tao,Wang Guangkai. Heterogeneous Institutional Investors and Enterprises' Technology Innovation:An Empirical Test Based on Institutional Investors in Different Terms. , 2018(5): 57-70.

链接本文:

http://www.zgkjlt.org.cn/CN/Y2018/I5/57

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