机构投资者持股与企业创新质量——基于非线性视角的研究  

Institutional Investor Shareholding and Enterprise Innovation Quality——Research Based on the Nonlinear Perspective

作　　者：张宏亮[1] 周宇彤 王靖宇 ZHANG Hongliang;ZHOU Yutong;WANG Jingyu(School of Business,Beijing Technology and Business University,Beijing 100048,China;School of Accountancy,Beijing Wuzi University,Beijing 101149,China)

机构地区：[1]北京工商大学商学院,北京100048 [2]北京物资学院会计学院,北京101149

出　　处：《南京审计大学学报》2023年第1期49-59,共11页Journal of Nanjing Audit University

基　　金：国家社会科学基金一般项目(21BGL098);教育部人文社会科学规划基金项目(20YJA630089);北京市社会科学基金重点项目(19GLA007)。

摘　　要：高质量的创新活动能够有效推动经济发展与转型。以2010—2020年A股上市公司为样本探究机构投资者持股与企业创新质量的关系。研究发现,机构投资者持股对于企业创新质量的影响存在区间效应,随着机构投资者持股量超过一定阈值,其对于企业创新质量表现出抑制效应,即二者具有倒U型的非线性关系。压力抵抗型机构投资者是造成非线性关系的重要力量。而市场竞争强度与企业吸收能力则有助于缓解机构过度持股对企业创新质量提升的抑制作用。High-quality innovation can effectively promote economic development and transformation. This paper takes A-share listed companies from 2010 to 2020 as samples to explore the relationship between institutional investor shareholding and enterprise innovation quality. It is found that the influence of institutional investor shareholding on enterprise innovation quality has an interval effect. When the shareholding amount of institutional investors exceeds a certain threshold, it shows an inhibition effect on enterprise innovation quality, namely, the two have an inverted U-shaped nonlinear relationship. Pressure-resistant institutional investors are an important force causing nonlinear relationship. The intensity of market competition and absorptive capacity of firms help to alleviate the restraining effect of excessive institutional ownership on the improvement of innovation quality.

关 键 词：机构投资者 企业创新质量 市场竞争 企业吸收能力 机构过度持股 

分 类 号：F273.1[经济管理—企业管理]