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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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

Received: 11 August 2017

PACS:

F224.0

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	Articles by authors
	Hong Min
	Zhang Tao
	Wang Guangkai

Cite this article:

Hong Min,Zhang Tao,Wang Guangkai. Heterogeneous Institutional Investors and Enterprises' Technology Innovation:An Empirical Test Based on Institutional Investors in Different Terms[J]. , 2018, 0(5): 57-70.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2018/V0/I5/57

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