机构投资者对企业创新绩效的影响研究——基于内部控制质量的中介效应  

The Influence of Institutional Investor on Firm Innovation Performance——Based on the Mediating Effect of Interal Control Quality

作　　者：宋在科[1] 李莉 宋佳宁 SONG Zai-ke;LI Li;SONG Jia-ning(School of Accounting, Anhui University of Finance and Economics, Bengbu 233030, China)

机构地区：[1]安徽财经大学会计学院,蚌埠233030

出　　处：《青岛大学学报（自然科学版）》2022年第3期156-162,共7页Journal of Qingdao University(Natural Science Edition)

基　　金：安徽省自然科学基金面上项目(批准号:2108085MG243)资助;安徽省哲学社会科学规划项目(批准号:AHSKQ2021D09)资助;安徽财经大学研究生科研创新基金(批准号:ACYC2020427)资助。

摘　　要：选取2010—2019年全部A股上市公司为研究样本,实证检验机构投资者对企业创新绩效的影响。研究发现,机构投资者对企业创新绩效具有显著促进作用,异质性检验表明,相较于交易型机构投资者,稳定型机构投资者更加显著地促进了创新绩效,机制检验表明,机构投资者可以通过提升内部控制质量来提升企业的创新绩效,在分析师跟踪人数较多、政府补助较高的外部治理环境下,机构投资者对企业创新绩效的促进作用更加显著。All A-share listed companies from 2010 to 2019 were selected as researched samples to empirically test the impact of institutional investors on enterprise innovation performance.It was found that institutional investors had a significant role in promoting firm innovation performance.Heterogeneity test shows that compared with transactional institutional investors,stable institutional investors have a more significant role in promoting firm innovation performance.The mechanism test shows that institutional investors can improve the innovation performance of enterprises by improving the quality of internal control.The institutional investors have a more significant role in promoting enterprise innovation performance under the external governance environment with a higher number of analysts and higher government subsidies.

关 键 词：机构投资者 企业创新 内部控制质量 

分 类 号：F272.3[经济管理—企业管理]