QFII持股如何影响企业创新:来自上市企业专利及研发的证据  

Evidence QFII Ownership Affect Firm Innovation： from Patenting and R＆D of Listed-Firms

作　　者：张惠琳[1] 倪骁然[2] 

机构地区：[1]北京师范大学经济与工商管理学院企业管理系 [2]清华大学经济管理学院金融系

出　　处：《金融学季刊》2017年第2期1-29,共29页Quarterly Journal of Finance

摘　　要：本文发现，QFII持股能够促进企业创新：QFII持股使企业的专利申请数量增加，专利申请质量更高，研发投入增大。上述主要发现在处理了潜在的内生性问题后仍然成立。进一步研究表明，QFII持股能通过提升股价信息含量和降低高管的薪酬——业绩敏感性促进企业创新，而并没有通过提升治理水平促进企业创新。此外，QFII持股强化了创新产出对企业未来价值的正向影响。上述发现有助于从微观视角理解资本市场开放对企业成长和经济转型的促进作用。This paper finds that QFII ownership can enhance firm innovation： QFII ownership leads to an improvement in both quantity and quality of firms＇ applied patents, and an increase in R＆D expenditures. The main findings still hold after we address potential endogeneity problems. Further analyses indicate that QFII ownership can affect firm innovation by improving stock price informativeness and reducing the pay-performance sensitivity of firm executives rather than improving internal governance. In addition, QFII ownership strengthens the positive relation between innovation outputs and firm value in the future. These findings can help us understand the role of capital market opening in encouraging firm growth and economic transition from a micro view.

关 键 词：QFII持股 企业创新 专利 研发 

分 类 号：F832.5[经济管理—金融学]