联合调研网络与企业创新投入--基于机构投资者实地调研的经验证据  

Joint Recacearches on Network and Corporate Innovation Investment:Baped on the Empirical Evidences from Institutional Investors,Field Rescarches

作　　者：王乐[1,2] 田高良 封华[4] 吴璇 WANG Le;TIAN Gao-liang;FENG Hua;WU Xuan(Xi'an Jiaotong University,Xi'an 710049;Xi'an Mingde Institute of Technology,Xi'an 710124;Northwestern Polytechnical University,Xi'an 710109;Harbin Institute of Technology(Shenzhen),Shenzhen 518055,China)

机构地区：[1]西安交通大学管理学院,陕西西安710049 [2]西安明德理工学院经济与管理学院,陕西西安710124 [3]西安交通大学管理教学实验中心,陕西西安710049 [4]西北工业大学管理学院,陕西西安710109 [5]哈尔滨工业大学(深圳)经济管理学院,广东深圳518055

出　　处：《当代财经》2021年第3期88-99,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“网络舆情对企业绩效与股票价格的影响机制及管理方法研究”(71672141);国家自然科学基金面上项目“媒体报道发挥公司治理作用的机制研究:理论分析与实证检验”(71372163);深圳市人文社会科学重点研究基地成果。

摘　　要：以2013—2018年深交所A股上市公司为研究对象,通过分析机构投资者联合调研网络的治理机制,检验了被调研公司的信息网络位置与创新投入之间的关系。研究发现:机构投资者联合调研网络中心度越高,其调研的公司创新投入越大,且上述关系在信息环境越差、代理成本高的公司中更为显著。进一步分析发现:机构投资者联合调研网络能够提高被调研公司的信息透明度、约束管理层的自利行为和缓解融资约束。Taking the A-share companies listed in Shenzhen Stock Exchange from 2013 to 2018 as the research objects,this paper aoalyzes the govermance mechanism of the institutional investors'joint research on network and examines the relationship between the information network location of the companies under research and the innovation investment.The findings of the study show that the higher the centrality of the institutional investors'joint research on network,the greater the invest-ment in inovation of the companies under investigation.And the above relationship is more signifi-cant in companies with worse information environment and higher agency costs.It is found through further analysis that the institutional investors’joint research network can not only improve the infor-mation transparency of the companies under survey,but also restrain the self-interested bchaviors of the management and case the financing constraints.

关 键 词：机构投资者联合调研网络 企业创新 信息环境 代理成本 

分 类 号：F275.1[经济管理—企业管理]