机构投资者持股与上市公司创新行为关系实证研究  

An Empirical Study on Relationship Between the Stock Holdings of Institutional Investors and Companies' Innovation Activity

作　　者：赵洪江[1] 夏晖[1] 

机构地区：[1]电子科技大学经济与管理学院,四川成都610054

出　　处：《中国软科学》2009年第5期33-39,54,共8页China Soft Science

基　　金：教育部人文社科项目(07JA630038);教育部"新世纪优秀人才支持计划"项目(教技司[2005]2号);电子科技大学青年科技基金(JX0657)

摘　　要：采用两阶段最小二乘法(2SLS)实证分析机构投资者与公司创新行为之间的关系,研究发现我国机构投资者总体上对公司创新投入的解释作用不显著。在考察不同机构对公司创新投入的影响时,发现压力抵抗型投资者如开放式基金和封闭式基金对公司创新投入存在显著的正向关系,说明压力抵抗型投资者对公司创新行为产生正向影响。当检验企业创新行为对机构投资者持股的反向影响时,联立回归方程显示公司创新投入与开放式基金和封闭式基金之间存在显著的正向关系,说明公司创新行为吸引了部分机构投资者对其持股的增加。Utilizing 2SLS method, this paper aims to study the relationship between institutional investors and corporate innovation activity. We find that the institutional investors as a whole don＇ t affect corporate innovation input significantly, but pressure -resistant institutional investors such as open -end and close -end mutual fund pose a positive relationship with corporate innovation input indicating that pressure - resistant institutional investors can affect managers＇ innovation input decisions. Meanwhile simultaneous equations show that the holdings of open -end and close -end mutual fund are higher in those companies which has more R＆D investment indicating that R＆D spending of company can also affect the holdings of institutional investors.

关 键 词：机构投资者 创新行为 实证研究 

分 类 号：F270[经济管理—企业管理]