基金创新活动投资经验与企业创新  

The Fund Investment Experience in Innovative Activities and Corporate Innovation

作　　者：李燕 原东良 Li Yan;Yuan Dongliang(Business School,Nankai University,Tianjin 300071,China;School of Management,Lanzhou University,Lanzhou 730000,China)

机构地区：[1]南开大学商学院,天津300071 [2]兰州大学管理学院,甘肃兰州730000

出　　处：《科技进步与对策》2023年第16期118-129,共12页Science & Technology Progress and Policy

基　　金：国家自然科学基金面上项目(72002091);天津市研究生科研创新项目(2020YJSB027)。

摘　　要：基金公司作为资本市场的重要参与主体,在上市公司治理方面发挥重要作用,基金公司通过其它公司投资活动积累的经验会影响焦点公司战略决策行为。基于知识基础观,研究基金创新活动投资经验与企业创新间的关系,结果表明:(1)拥有丰富创新活动投资经验的基金公司,能够通过为焦点公司提供可借鉴的经验,促进焦点公司创新产出;(2)拥有丰富有形资源储备(资源冗余)和无形资源储备(有效专利保有量)的焦点公司,可以强化基金创新活动投资经验与焦点企业创新间的关系。影响机制检验结果显示,相较于基金选股路径,资源提供路径是基金创新活动投资经验促进焦点企业创新的主要路径。通过构建企业创新活动中的资源传递路径,揭示企业技术或资源溢出全过程,证实基金公司可在我国资本市场中发挥良好的治理效应。Since 2003,China's investment funds have flourished and played an important role in stabilizing capital markets.As an important player in capital markets,funds are growing in management size.Are these growing funds simply taking advantage of their unique information and stock selection capabilities to seek excess investment returns? Or are they taking advantage of their shareholding strengths and governance experience to improve the governance performance of the underlying companies?As an important part of a company's long-term strategy,innovative behavior often brings longer-term economic benefits and improves the economic and market performance of the company.In this context,stocks with a high probability of success and a high value of innovative projects are naturally the focus of investment funds.However,innovation activities are inherently associated with a high risk of failure and require the continuous investment of resources.If the innovation fails,the company will also face high losses.To increase the likelihood of success of the underlying innovation and seek higher investment returns,the fund management body will actively participate in the governance activities of the underlying company.The fund often holds shares of more companies,which allows it to establish investment partnerships with more companies and learn more about the success or failure of innovation from these targets.The relationship between a fund investment experience in innovation activities and a focal company's innovation output is likely to be significant and positive,both based on the fund's stock selection path and the strategic embedding path.Fund companies with extensive innovation activity investment experience may either screen out innovation projects with a higher probability of success through efficient stock selection strategies,actively intervene in the innovation strategy decisions of the focal company,or provide the focal company with information or resources that can be used to help the focal company better carry out inn

关 键 词：基金公司 创新经验 企业创新 专利保有量 资源冗余 

分 类 号：F273.1[经济管理—企业管理]